Elon Musk, the CEO of Tesla, has achieved an unprecedented personal wealth milestone, reaching $348 billion, according to the Bloomberg Billionaires Index. According to reports, with this Elon Musk has become the world’s richest man ever! Elon Musk’s wealth saw substantial growth following Tesla‘s share price increase, which coincided with Donald Trump’s electoral victory.
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According to the Bloomberg Billionaires Index, as of November 23, 2024, Elon Musk’s total net worth is $348 billion, a rise of $119 billion over the last one year.
The valuation of Elon Musk’s generative artificial intelligence company, xAI, has surged to $50 billion, an ET report quoting Wall Street Journal said, adding $13 billion to Musk’s wealth.
Tesla’s share price has increased 40% since the US election day. According to analysts, this surge reflects Wall Street’s optimistic outlook towards Tesla under Trump’s administration, particularly regarding regulations affecting self-driving vehicles.
Elon Musk’s recent support for Trump has strengthened market confidence. Following his endorsement earlier this year, Musk contributed more than $100 million to Trump’s campaign. His appointment as chair of the newly established “Department of Government Efficiency” (DOGE) places him in collaboration with biotech leader Vivek Ramaswamy.
Financial analysts anticipate that the incoming administration’s expected reduction in regulations will benefit Tesla substantially, especially regarding its Full Self-Driving technology, which has previously encountered regulatory challenges.
Discussions surrounding SpaceX‘s forthcoming funding initiative, potentially valuing the company at $250 billion, indicate that Musk’s wealth could increase by an additional $18 billion, ET reported.
Additionally, Musk’s 42% ownership in SpaceX, valued at $210 billion following a June tender offer, contributes a big chunk to his wealth. He maintains smaller investments in various ventures, including the neural technology firm Neuralink and X, previously Twitter, the social media platform.