With a current net worth of $334.2 billion, Elon Musk is now the richest person in the world. Due to a 40% increase in Tesla shares following Donald Trump’s victory in the 2024 US presidential election, his wealth increased by almost $70 billion.
With a net worth of $334.2 billion, Elon Musk is now formally the richest person in history. According to a Forbes report, this enormous increase comes after Tesla’s stock skyrocketed, which was fueled by Wall Street excitement regarding US President-elect Donald Trump’s pro-business views.
With Tesla’s stock rising 3.8% to a new 3.5-year closing high of $352.56 a share, Elon Musk’s net worth increased by $7 billion to a record $321.7 billion at Friday’s market close. This is more than the $320.3 billion he reached on November 5, 2021, when Tesla was at its pinnacle during the pandemic.
The Wall Street Journal reports that Musk’s generative AI business, xAI, is now valued at $50 billion, substantially increasing his riches. Musk’s wealth increased by an additional $13 billion, raising his total to $334.3 billion, since he owns 60% of xAI.
Consequently, Musk has surpassed the record he established in 2021 to regain his position as the richest person Forbes has ever recorded. Since Election Day, his wealth has increased by almost $70 billion, primarily due to a 40% increase in Tesla shares, as investors hope that a Trump administration will provide the firm with more favorable regulations, especially with regard to self-driving cars.
Musk was nominated by the US President-elect to serve as the chair of the new “Department of Government Efficiency” (DOGE), where he will collaborate with biotech entrepreneur Vivek Ramaswamy, following his endorsement of Trump earlier this year and his $100 million donation to his campaign. According to reports, Wall Street analysts see this as a big plus for Tesla and fully autonomous driving initiatives, which have been under intense regulatory scrutiny.
According to Forbes, Musk is now worth $80 billion more than Larry Ellison, who is the second richest person at $235 billion. Musk owns less valuable shares in his other businesses, such as Neuralink, a company that makes human brain implants, and X, a social media platform that was once known as Twitter, even though a large portion of his wealth comes from SpaceX and Tesla.
