This milestone comes on the back of a 40% surge in Tesla's stock since the US presidential election, driven by Wall Street's optimism about the incoming administration under President-elect Donald Trump.
Elon Musk has officially become the wealthiest person in history, with his net worth soaring to $334.3 billion, as reported by Forbes. This milestone comes on the back of a 40% surge in Tesla's stock since the US presidential election, driven by Wall Street's optimism about the incoming administration under President-elect Donald Trump. On Friday alone, Tesla's stock rose 3.8%, closing at $352.56, its highest price in over three years, adding $7 billion to Musk's fortune.
This record-breaking achievement surpasses Musk's previous high of $320.3 billion in November 2021, during a pandemic-induced stock rally.
Musk's close relationship with Trump has played a significant role in boosting investor confidence. Earlier this year, Musk endorsed Trump and contributed over $100 million to his campaign. His appointment as chair of the newly created "Department of Government Efficiency" (DOGE), working alongside biotech entrepreneur Vivek Ramaswamy, has further cemented his influence. Analysts predict that the incoming administration's deregulation efforts will benefit Tesla’s Full Self-Driving program, which has faced regulatory hurdles.
While Tesla remains Musk's primary wealth driver, his ventures in artificial intelligence and aerospace have significantly bolstered his fortune. Musk's 60% stake in xAI, a private AI firm valued at $50 billion, adds $13 billion to his net worth. His 42% stake in SpaceX, valued at $210 billion in a June tender offer, contributes $88 billion.
Speculation about SpaceX's upcoming funding round, which could value the company at $250 billion, indicates Musk's wealth may rise further, potentially adding $18 billion.
Musk's $334.3 billion fortune places him far ahead of Oracle chairman Larry Ellison, the world's second-richest individual with $235 billion. Most of Musk's wealth is tied to his 13% stake in Tesla, valued at $145 billion, and a pending 9% equity award in the company.
Despite Musk's historic fortune, Tesla shares remain about 14% below their all-time high from late 2021, while the broader S&P 500 index has climbed 27% since then.
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