Elon Musk, CEO of Tesla, has officially become the wealthiest individual in history, with a net worth of $334.3 billion, according to Forbes. This milestone marks the peak of Musk’s wealth, which grew significantly following a surge in Tesla’s stock price after Donald Trump’s election victory.
Musk, a strong supporter of Trump during his campaign and a participant in rallies, has now been appointed chair of the newly established “Department of Government Efficiency” (DOGE), where he will work alongside Vivek Ramaswamy. His fortune has been largely propelled by his significant stake in Tesla, the electric vehicle company he leads.
On November 22, 2024, Musk’s net worth hit a record high of $321.7 billion, boosted by a $7 billion increase after Tesla’s stock rose 3.8%, closing at $352.56 per share. This surpasses his previous high of $320.3 billion set in November 2021, during Tesla’s pandemic-era stock boom.
Musk’s wealth is now more than $80 billion higher than that of the next wealthiest person, his close friend Larry Ellison, Oracle’s chairman, whose net worth stands at $235 billion. Musk’s fortune is primarily tied to his 13% stake in Tesla, which is valued at approximately $145 billion. Additionally, Musk has another 9% equity award pending in Tesla, though Forbes discounts half of its value in its wealth estimate.
In addition to Tesla, Musk’s wealth is bolstered by his involvement in artificial intelligence and space. His AI venture, xAI, is valued at $50 billion, and his space exploration company, SpaceX, is worth around $210 billion. His 42% stake in SpaceX, which was valued at $88 billion in a June tender offer, has significantly contributed to his overall wealth. If SpaceX’s upcoming funding round increases the company’s valuation to $250 billion, Musk’s fortune could rise by an additional $18 billion.
Musk’s net worth is now about $70 billion higher than it was on Election Day, fueled by the anticipation of a regulatory environment more favorable to Tesla under Trump’s administration, particularly for the company’s Full Self-Driving technologies, which have faced regulatory challenges.
However, despite this remarkable rise in wealth, Tesla’s stock remains about 14% below its all-time high from late 2021, suggesting that Musk’s fortune could still grow even further in the future.
