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Elon Musk has officially become the wealthiest person in history; Know his net worth
Elon Musk Is Officially The Richest Man In The World (Photo: AFP)
Elon Musk has officially become the wealthiest person in history, with a net worth of $334.3 billion, according to Forbes. His remarkable rise is attributed to a surge in Tesla stock, spurred by Wall Street optimism surrounding US President-elect Donald Trump, a close ally of Musk.
Tesla’s stock has increased by 40 per cent since Election Day, rising 3.8% on Friday alone to close at $352.56, its highest price in over three years. This spike added $7 billion to Musk’s fortune, surpassing the previous record high of $320.3 billion set in November 2021, during Tesla’s pandemic-driven stock surge.
Musk’s strong relationship with Trump has bolstered investor confidence. Earlier this year, Musk endorsed Trump and donated 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. Analysts believe the incoming administration’s expected deregulation efforts will benefit Tesla, particularly its Full Self-Driving program, which has faced regulatory challenges.
In addition to Tesla, Musk’s ventures in artificial intelligence and aerospace have significantly contributed to his wealth. His 60 per cent stake in xAI, a private AI firm valued at $50 billion, has added $13 billion to his fortune. His 42 per cent stake in SpaceX, valued at $210 billion in a June tender offer, has contributed $88 billion.
Speculation surrounding SpaceX’s upcoming funding round, which could value the company at $250 billion, suggests Musk’s net worth could climb further, potentially adding another $18 billion.
Musk’s net worth currently exceeds that of Oracle’s chairman Larry Ellison, the world’s second-richest individual, who holds $235 billion. The bulk of Musk’s wealth comes from his 13 per cent stake in Tesla, valued at $145 billion, along with a pending 9 per cent equity award in the company.
Despite his historic fortune, Tesla shares remain about 14 per cent below their all-time high from late 2021, while the broader S&P 500 index has risen 27 per cent since then.
