Washington: Elon Musk, CEO of Tesla, achieved a personal wealth record, amassing a net worth of $348 billion. News Reported citing Bloomberg Billionaires Index.
This achievement reinforces Musk’s position as the richest individual in history. The increase in his wealth follows a sharp increase in Tesla’s share price, which gained momentum after Donald Trump’s electoral victory.
The rise in Tesla shares was driven by Wall Street’s optimism about the pro-business policies expected under US President-elect Donald Trump, who is known for his close ties with the billionaire businessman.
Tesla stock has risen 40% since Election Day, and was up 3.8% on Friday alone to close at $352.56 — its highest price in more than three years.
This added $7 billion to Musk’s wealth, pushing his net worth past the previous record of $320.3 billion, set during the pandemic-era Tesla boom in November 2021.
Musk’s close ties with Trump have boosted investor confidence. After endorsing Trump earlier this year, Musk donated more than $100 million to his campaign.
He has been appointed head of the new Department of Government Efficiency (DOGE), where he will work alongside biotech entrepreneur Vivek Ramaswamy.
Wall Street analysts see the incoming administration’s expected deregulation efforts as a big plus for Tesla, especially for its full self-driving initiatives, which have faced regulatory scrutiny.
Beyond Tesla, Musk’s projects in artificial intelligence and aerospace have expanded his wealth. His 60% stake in xAI, a private AI company worth $50 billion, added $13 billion to his wealth.
Meanwhile, his 42% stake in SpaceX, valued at $210 billion in a June tender offer, contributed $88 billion.
Speculation about SpaceX’s upcoming funding round, which could value the company at $250 billion, suggests that Musk’s net worth could rise even further, which could add $18 billion to his wealth.
Musk’s current wealth of nearly $80 billion puts him ahead of Oracle Chairman Larry Ellison, who holds the title of second-richest individual in the world with a fortune of $235 billion.
Most of Musk’s wealth stems from his 13% stake in Tesla, currently valued at $145 billion, and from his anticipated award of 9% equity in the company.
However, despite his historic wealth, Tesla shares are still about 14% below their all-time high from late 2021. Meanwhile, the broader S&P 500 index is up 27% since then.