Elon Musk has finally overtaken Bill Gates to become the wealthiest person in history, boasting a staggering net worth of $334.3 billion according to Forbes. The milestone comes as Tesla shares soar after the driver of investor hope for pro-business policies from the new United States President-elect Donald Trump, who is a known ally of Elon Musk.
Tesla has jumped 40% since Election Day, climbing 3.8% on Friday alone to hit $352.56—their highest level in over three years. That adds $7 billion to Musk’s fortune, its largest increase ever and well beyond the previous record of $320.3 billion, which occurred during Tesla’s meteoric rise late in 2021.
Musk’s wealth is, however, not solely tied to Tesla. His other ventures have played a significant role in his overall fortune, including xAI and SpaceX. His 60% stake in the privately held artificial intelligence company xAI, valued at $50 billion, added $13 billion to his net worth. In addition, his 42% stake in SpaceX, at the June tender offer of $210 billion, added $88 billion. Speculation that SpaceX may raise even more funding at an upcoming round could boost Musk’s fortune to as high as $250 billion.
Elon Musk is now the wealthiest person in history, thanks to Donald Trump
His close relationship with Trump has also fueled confidence in Tesla’s future. Musk, who contributed over $100 million to Trump’s campaign, has been named chair of the newly formed Department of Government Efficiency (DOGE). Analysts believe the incoming administration’s focus on deregulation will profit Tesla, particularly its Full Self-Driving initiatives, which have faced regulatory hurdles.
The space entrepreneur currently leads Oracle’s Larry Ellison by $80 billion to rank as the world’s second-richest person with $235 billion. Of course, Musk derives most of his wealth, estimated at $145 billion-plus pending equity awards, from his 13% stake in Tesla.
Stocks have climbed 14% below Tesla’s late-2021 peak, however, the broader market is up 27% since then. Despite the record-breaking fortune, Musk is unbeaten in influence across industries by his financial ascendancy.
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