Elon Musk Becomes Richest Person in History with $348 Billion Net Worth
Elon Musk, the CEO of Tesla and a pioneering entrepreneur, has reached an unprecedented financial milestone, becoming the wealthiest person in recorded history with a staggering net worth of $348 billion. This achievement comes in the wake of a remarkable rally in Tesla’s stock prices, fueled by shifting market dynamics and optimism about the future of Musk’s ventures.
Tesla Stock Surge Post-Election Boost
Tesla shares surged by 40% following the recent U.S. presidential election, with a 3.8% increase on Friday alone, reaching $352.56 per share—its highest level in over three years. The market’s confidence in a pro-business environment under President-elect Donald Trump contributed significantly to this upswing. Musk’s alignment with Trump’s policies and his $100 million donation to the campaign have further cemented his influence in the political and financial spheres.
As part of the incoming administration, Musk has been appointed chair of the newly formed "Department of Government Efficiency" (DOGE), where he will collaborate with biotech entrepreneur Vivek Ramaswamy. This position underscores Musk’s growing role in shaping public-private partnerships and regulatory landscapes, particularly in sectors like renewable energy and autonomous technology.
Diverse Ventures Driving Musk’s Wealth
Musk’s wealth is not solely tied to Tesla. His expansive portfolio includes ventures in artificial intelligence and space exploration, both of which have seen exponential growth.
- xAI (Artificial Intelligence): Musk’s 60% ownership in xAI, a cutting-edge private AI company valued at $50 billion, added $13 billion to his net worth.
- SpaceX (Aerospace): With a 42% stake in SpaceX, valued at $210 billion as of a June 2024 tender offer, Musk’s wealth grew by an additional $88 billion. Speculation about a new funding round that could value SpaceX at $250 billion may soon add another $18 billion to his fortune.
A Historic Wealth Gap
Musk’s current net worth places him $80 billion ahead of Larry Ellison, Oracle’s chairman, who is ranked as the world’s second-richest individual with a fortune of $235 billion. Musk’s financial dominance is largely attributed to his 13% stake in Tesla, valued at $145 billion, and his pending 9% equity award in the company.
Despite his record-breaking net worth, Tesla shares are still 14% below their all-time high from late 2021. Nevertheless, Musk’s ability to navigate complex markets and diversify his investments has solidified his position as a transformative figure in global business and technology.
Looking Ahead
With Tesla’s advancements in Full Self-Driving technology and SpaceX’s ambitious projects, including plans for interplanetary colonization, Musk’s fortune shows no signs of plateauing. Analysts speculate that the combined valuation of his companies could push his net worth to even greater heights, reinforcing his legacy as a visionary entrepreneur and the richest individual in modern history.
