Tesla CEO Elon Musk is officially the richest he’s ever been (and the wealthiest person ever) with a net worth of $334.3 billion, according to Forbes. The planet’s richest person grew much richer as shares of the Musk-led publicly traded electric vehicle company Tesla soared after Donald Trump’s win in the US election. Musk was the biggest supporter of Trump during the election campaign, even taking part in some of his rallies.
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He has been appointed chair of the new “Department of Government Efficiency” (DOGE), where he will work alongside Vivek Ramaswamy.
According to Forbes, the net worth of Elon Musk was a record $321.7 billion at market close Friday, November 22, getting a $7 billion boost as Tesla stock climbed 3.8% to a new 3.5-year closing high of $352.56 per share. That eclipses the previous high of $320.3 billion set on November 5, 2021 amid Tesla’s pandemic era surge.
Musk’s net worth is now more than $80 billion richer than the next wealthiest person, his friend and Oracle chairman Larry Ellison at $235 billion. Much of Musk’s fortune comes from his 13% stake in Tesla worth $145 billion, with another 9% equity award in the company pending an appeal in Delaware court (Forbes discounts the value of the award by 50% in its valuation of Musk wealth).
Elon Musk’s net worth now $70 billion higher
The substantial valuation of Musk’s AI company xAI, valued at $50 billion, has further contributed to his wealth. SpaceX, valued at $210 billion, also plays a significant role in Musk’s overall net worth.
With this, Musk’s fortune is now about $70 billion larger than it was on Election Day as Tesla shares surged 40% as Wall Street bought into what should be a more friendly regulatory environment under Trump for Tesla, especially for its self-driving vehicles, as per Forbes.
How Elon Musk became the richest person again
Elon Musk’s close ties with president elect Donald Trump have fuelled investor confidence. Wall Street analysts view the incoming administration’s anticipated deregulation efforts as a significant advantage for Tesla, particularly for its Full Self-Driving initiatives, which have faced regulatory scrutiny.
The other primary source of Musk’s fortune is his 42% stake in SpaceX, which was valued at $210 billion in a June tender offer, putting his stake in the private aerospace and satellite communications company at $88 billion. Speculation around SpaceX’s upcoming funding round, which could value the company at $250 billion, suggests that Musk’s net worth might climb even higher, potentially adding $18 billion to his fortune.
There’s still some more way to go
However, despite this historic rise in fortune, there still may be some more way to go as Tesla shares still remain about 14 per cent below their all-time high from late 2021.