Elon Musk has once again rewritten the record books, officially becoming the wealthiest person in history with a staggering net worth of over $334 billion. This monumental achievement, as reported by Forbes, follows a dramatic surge in Tesla’s stock price, a direct consequence of Wall Street’s optimistic outlook fueled by President-elect Donald Trump’s pro-business policies.
The market close on Friday witnessed Musk’s net worth reach a record-breaking $321.7 billion, a remarkable $7 billion increase. This was driven by a 3.8% surge in Tesla’s stock, propelling it to a 3.5-year closing high of $352.56 per share. This surpasses even his previous peak of $320.3 billion achieved on November 5, 2021, during the height of Tesla’s pandemic-era boom. The already impressive figure escalated further with the rising valuation of his generative AI company, xAI. The Wall Street Journal pegs xAI’s valuation at a hefty $50 billion. Considering Musk’s 60% ownership stake, this translates to an additional $13 billion boost to his personal fortune, solidifying his position at $334 billion plus.
This achievement marks a new high watermark in the history of wealth tracking by Forbes, exceeding the record he himself set in 2021. Since Election Day, Musk’s wealth has expanded by approximately $70 billion, a testament to the 40% surge in Tesla shares. Investors are clearly betting on a more favorable regulatory landscape for Tesla under a potential Trump administration, particularly regarding the crucial self-driving vehicle initiatives. This positive outlook is further reinforced by Musk’s recent appointment as the chair of the newly established “Department of Government Efficiency” (DOGE), a position he secured after endorsing Trump and donating $100 million to his campaign. He will be working alongside biotech entrepreneur Vivek Ramaswamy in this role.
Wall Street analysts see this appointment as a significant advantage for Tesla, particularly in navigating the often-stringent regulatory hurdles surrounding its Full Self-Driving technology. Forbes highlights the sheer magnitude of Musk’s wealth, indicating he is a staggering $80 billion richer than the second wealthiest individual, Larry Ellison, whose net worth sits at $235 billion. While Tesla and SpaceX constitute the lion’s share of Musk’s fortune, he also holds significant, albeit less valuable, stakes in other ventures, including Neuralink, the brain implant company, and X (formerly Twitter).
Musk’s unprecedented wealth accumulation underscores the complex interplay between technological innovation, political landscape, and market sentiment. His journey continues to captivate the world, prompting discussions about wealth inequality and the future of technological advancements.
