Elon Musk Becomes Richest Person in History as Tesla Stock Soars
Elon Musk has officially become the richest / wealthiest person in history, with his net worth reaching a staggering $334.3 billion, according to Forbes. This monumental achievement follows a remarkable 40% surge in Tesla’s stock price since the U.S. Election Day, driven by investor optimism regarding President-elect Donald Trump’s pro-business policies.
Elon Musk is officially the richest he’s ever been (and the wealthiest person ever), according to Forbes’ calculations, as shares of the Musk-led publicly traded electric vehicle company Tesla soared. https://t.co/sDiaCAPdLE pic.twitter.com/KJsR98Jq0l
— Forbes (@Forbes) November 22, 2024
Tesla’s stock closed at $352.56 on Friday, its highest in over three years, adding $7 billion to Musk’s fortune. This rally propelled his net worth beyond the previous high of $320.3 billion, set during Tesla’s pandemic-era boom in November 2021.
Political Ties Fuel Investor Confidence
Musk’s close association with President-elect Trump has significantly bolstered investor sentiment. After endorsing Trump earlier this year, Musk contributed over $100 million to his campaign. He has also been appointed chair of the new Department of Government Efficiency (DOGE), where he will collaborate with biotech entrepreneur Vivek Ramaswamy. Wall Street analysts anticipate that the incoming administration’s deregulatory measures will greatly benefit Tesla, particularly its Full Self-Driving initiatives, which have faced intense regulatory scrutiny.
Diversified Ventures Drive Wealth Expansion
Beyond Tesla, Musk’s ventures in artificial intelligence and aerospace have contributed to his soaring wealth. His 60% stake in xAI, a private AI firm valued at $50 billion, has added $13 billion to his fortune. Additionally, Musk’s 42% stake in SpaceX, valued at $210 billion during a June tender offer, accounts for $88 billion of his net worth.
Speculation about SpaceX’s upcoming funding round, which could value the company at $250 billion, hints at a potential $18 billion boost to Musk’s fortune. If realized, this could further cement his position as the world’s wealthiest individual.
Comparisons with Other Billionaires
Musk’s net worth now places him $80 billion ahead of Larry Ellison, Oracle’s chairman, who holds the second spot with $235 billion. Most of Musk’s wealth stems from his 13% stake in Tesla, currently valued at $145 billion, alongside a pending 9% equity award in the company.
Despite his record-breaking fortune, Tesla shares remain about 14% below their all-time high in late 2021. In contrast, the broader S&P 500 index has risen by 27% during the same period. Nevertheless, Musk’s strategic diversification into AI and aerospace continues to solidify his standing as a visionary entrepreneur.
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