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Meet man, who is richest person in modern history, his net worth has surged to...
This boost added $7 billion to his wealth, surpassing his previous record of $320.3 billion
Updated : Nov 23, 2024, 10:35 AM IST
 "Elon Musk")
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Elon Musk has officially become the richest person in history, with a staggering net worth of $334.3 billion, according to Forbes. This milestone follows a sharp rise in Tesla's stock, driven by investor confidence in US President-elect Donald Trump's pro-business policies.
Tesla's shares have surged by 40% since US Election Day, including a 3.8% jump on Friday, closing at $352.56 — the highest in over three years. This boost added $7 billion to Musk's wealth, surpassing his previous record of $320.3 billion set during Tesla’s pandemic-era peak in November 2021.
Musk’s ties with Trump have further bolstered investor optimism. Musk, who endorsed Trump earlier this year, donated over $100 million to his campaign. He has also been appointed chair of the new “Department of Government Efficiency” (DOGE), alongside biotech entrepreneur Vivek Ramaswamy. Analysts believe the incoming administration's deregulation plans will benefit Tesla, particularly its Full Self-Driving technology.
Musk’s wealth also comes from his other ventures. His 60% stake in xAI, a private AI firm valued at $50 billion, added $13 billion to his fortune. Additionally, his 42% stake in SpaceX, valued at $210 billion, contributed $88 billion. Speculation about a new funding round that could value SpaceX at $250 billion suggests Musk’s net worth may rise even higher.
Currently, Musk is $80 billion ahead of Oracle chairman Larry Ellison, the world’s second-richest individual with $235 billion. Most of Musk's wealth comes from his 13% stake in Tesla, valued at $145 billion, along with a pending 9% equity award.
