November: Elon Musk has officially surpassed all previous records to become the wealthiest individual in history, according to Forbes. The Tesla and SpaceX CEO’s net worth has reached an astounding $334.3 billion, a significant milestone that makes him the richest person ever recorded.
This remarkable achievement follows a dramatic surge in Tesla’s stock prices, which climbed by 40% after the US presidential election. Tesla shares soared to their highest value in over three years, reaching $352.56 per share in the latest trading session, with Musk’s wealth benefiting from this increase. This gain of $7 billion pushed Musk past the previous record of $320.3 billion, a peak he reached in November 2021 during Tesla’s pandemic-driven boom.
Tesla’s Role in Musk’s Fortune
Musk’s fortune is largely bolstered by his 13% stake in Tesla, which is now valued at $145 billion. Additionally, Musk holds a 9% equity award pending in the electric car giant, further increasing his financial portfolio.
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Musk’s strong connections with pro-business figures, particularly former US President Donald Trump, have also contributed to his rise in wealth. Investors’ confidence in Tesla increased, partly due to Trump’s policies, which were seen as favorable for business growth. Musk, who endorsed Trump and contributed over $100 million to his campaign earlier this year, has continued to benefit from the ongoing market optimism surrounding Tesla.
Other Ventures Contributing to Musk’s Wealth
Beyond Tesla, Musk has significant investments in various high-growth ventures. He holds a 60% stake in artificial intelligence company xAI, which is valued at $50 billion, contributing an additional $13 billion to his fortune.
Musk is also the owner of a 42% stake in SpaceX, the aerospace company valued at $210 billion after a June tender offer. With potential future funding rounds that could increase SpaceX’s valuation to $250 billion, Musk’s wealth could see another substantial increase in the coming months.
Larry Ellison, the chairman of Oracle, currently holds the second spot on the world’s richest list with a net worth of $235 billion, far behind Musk’s record-setting fortune.
With a combination of visionary leadership in the tech, AI, and space industries, and his influence in the business world, Elon Musk’s financial success shows no signs of slowing down. As his companies continue to innovate and expand, Musk’s wealth could further set new benchmarks in history.
