Elon Musk’s Net Worth Hits Record High After Tesla Surge

Elon Musk has reached a new financial peak, becoming the wealthiest person in history after a substantial post-election surge in his net worth. By the market close on Friday, Musk’s fortune was valued at $321.7 billion, marking a $7 billion increase in a single day as Tesla’s stock climbed 3.8% to a new 3.5-year high of $352.56 per share. This surpassed his previous record of $320.3 billion set in November 2021, during Tesla’s pandemic-driven surge.

The rapid growth in Musk’s wealth was bolstered further by the rising valuation of his artificial intelligence company, xAI, which is now estimated at $50 billion. With Musk owning a 60% stake, this added another $13 billion to his net worth, bringing his total to $334.3 billion. This made Musk the owner of the largest fortune ever tracked, surpassing his previous record set in 2021.

Much of Musk’s wealth comes from his 13% stake in Tesla, valued at $145 billion. He also holds a 9% equity award in the company that is pending an appeal in a Delaware court. Additionally, Musk’s 42% stake in SpaceX, valued at $210 billion in a June tender offer, contributes roughly $88 billion to his overall fortune. His holdings in other ventures like Neuralink and X (formerly Twitter) are less significant by comparison.

Musk’s net worth could continue to grow in the coming months. SpaceX is set to conduct a new tender offer next month, which would value the company at over $250 billion. If this round of funding is successful, it could increase Musk’s stake and add more than $18 billion to his fortune.

The rise in Tesla’s stock price and its overall market valuation came after Musk endorsed Donald Trump earlier this year and donated more than $100 million to Trump’s election efforts. The relationship between the two has evolved, with Musk becoming part of Trump’s inner circle and describing himself as the former president’s “first buddy” in a recent post. Many analysts believe that a Trump administration could be favorable to Tesla, particularly for its Full Self-Driving programs, as Wall Street anticipates a more lenient regulatory environment.

Despite recent gains, Tesla shares are still trading about 14% below their all-time high set in late 2021 when Musk first reached his peak net worth. Since then, the S&P 500 index has risen by 27%, highlighting Tesla’s relative underperformance compared to the broader market. However, many experts believe that Tesla is well-positioned for future growth, given the current regulatory environment and market dynamics.

Musk’s financial success also stands in stark contrast to his peers. He is now more than $80 billion wealthier than the next richest person, Oracle co-founder Larry Ellison, whose net worth is estimated at $235 billion. The scale of Musk’s wealth and his dominance in the technology and automotive industries have made him a symbol of entrepreneurial success and technological innovation.