Elon Musk has formally become the richest person ever, with his net worth jumping to $347.8 billion, as per CNN. This comes amidst a phenomenal rally in Tesla’s stock, driven by Wall Street’s enthusiasm for the pro-business policies expected under US President-elect Donald Trump, who is one of Musk’s closest allies.
It has gained 40% since Election Day and rose 3.8% on Friday alone to close at $352.56, its highest price in more than three years. Those gains have lifted Musk’s fortune by about $7 billion, pushing him past the previous record of $320.3 billion, achieved during Tesla’s pandemic-era boom in November 2021.
Musk is close to Trump, and investor confidence rose particularly in light of Musk publicly supporting Trump and donating over $100 million to his campaign. Moreover, he was also appointed chair of the new “Department of Government Efficiency” (DOGE) and will work there along with biotech entrepreneur Vivek Ramaswamy. Analysts consider that the expected deregulation from the coming administration may especially benefit Tesla, mainly its Full Self-Driving projects facing opposition due to regulatory requirements.
Beyond Tesla, Musk’s investments in artificial intelligence and aerospace have further increased his wealth. His 60% stake in xAI, a private AI firm valued at $50 billion, added $13 billion to his net worth, while his 42% stake in SpaceX-so valued at $210 billion in a June tender offer-put in a full $88 billion.
Speculation for the forthcoming funding round of SpaceX may value it at $250 billion, which could add another $18 billion to Musk’s net worth. At present, Musk’s wealth puts him $80 billion ahead of Larry Ellison, Oracle’s chairman, who is currently ranked the world’s second-richest man with $235 billion. Much of Musk’s fortune comes from a 13% stake in Tesla, which has reached an estimated $145 billion, and a pending 9% equity award in the company.
Despite this historic feat, Tesla’s stock is still down about 14% from its all-time high at the end of 2021, while the broader S&P 500 index has climbed 27% in the same period.
