Elon Musk has reached a remarkable financial milestone, becoming richer than ever before.
The CEO of Tesla and SpaceX saw his net worth soar to a record $334.3 billion, driven by a significant rise in Tesla’s stock prices and the growing value of his ventures, including xAI.
Tesla Stock Surge Drives Musk's Wealth Increase
Musk’s fortune took a substantial leap after Tesla shares surged by 3.8% on Friday, reaching a 3.5-year closing high of $352.56 per share. This increase added $7 billion to Musk's net worth, which stood at $321.7 billion by the end of the trading day.
The rise in Tesla's stock price follows optimism among investors about the regulatory environment under a potential second term of Donald Trump’s presidency, particularly in relation to Tesla’s self-driving vehicle technology. Since the US election results, Tesla’s stock has surged by 40%, adding approximately $70 billion to Musk's wealth.
Musk’s 13% stake in Tesla is now valued at $145 billion, although Forbes has discounted a pending 9% equity award by 50% in its wealth calculations. This sharp increase in Tesla’s market value marks a significant boost to Musk’s wealth.
The xAI Factor
Another contributing factor to Musk's skyrocketing fortune is his latest venture, xAI, a generative artificial intelligence company. Valued at $50 billion, xAI has added an estimated $13 billion to Musk's net worth. Musk owns 60% of xAI, cementing his position as one of the world’s wealthiest individuals.
SpaceX and Other Ventures
Musk’s wealth is also deeply tied to his aerospace company, SpaceX. The company, which specializes in satellite communications and space exploration, was valued at $210 billion in June.
Musk’s 42% stake in SpaceX is worth approximately $88 billion, with further growth expected. Reports indicate that SpaceX could be valued at over $250 billion in its next tender offer, potentially adding another $18 billion to Musk’s fortune.
Musk’s involvement in other ventures, including Neuralink, a brain implant company, and X (formerly Twitter), continues to contribute to his wealth, though these holdings are smaller compared to his key assets in Tesla, SpaceX, and xAI.
Musk Leads Billionaire Rankings
Musk’s wealth places him far ahead of the second wealthiest person in the world, Larry Ellison, with a net worth of $235 billion.
As his companies continue to lead the way in cutting-edge technologies like electric vehicles, artificial intelligence, and space exploration, Musk’s financial trajectory shows no signs of slowing down.
With his ventures thriving, Musk's net worth could continue to scale new heights, solidifying his position as the richest person in the world.
Source: With inputs from wires