Elon Musk becomes richest person ever

Tesla CEO Elon Musk has achieved a record-breaking milestone, with his net worth reaching an astounding $348 billion.

This remarkable achievement solidifies Musk’s status as the wealthiest person in history. His fortune soared following a significant rise in Tesla’s stock price, which surged after Donald Trump’s electoral victory.

The rally in Tesla shares, up 40% since Election Day, was driven by Wall Street’s optimism about the pro-business policies expected under US President-elect Trump, who shares close ties with Musk. On Friday alone, Tesla’s stock rose 3.8%, closing at $352.56, its highest in over three years, adding $7 billion to Musk’s wealth. This pushed his net worth beyond the previous peak of $320.3 billion, set during Tesla’s pandemic-era boom in November 2021.

Musk’s relationship with Trump has bolstered investor confidence. After endorsing Trump earlier this year, Musk donated over $100 million to his campaign.

He has also been named chair of the new “Department of Government Efficiency” (DOGE), where he will collaborate with biotech entrepreneur Vivek Ramaswamy.

Wall Street analysts predict that the incoming administration’s deregulation policies will benefit Tesla, particularly its Full Self-Driving (FSD) initiatives, which have faced regulatory hurdles.

In addition to Tesla, Musk’s ventures in artificial intelligence and aerospace have significantly contributed to his wealth. His 60% stake in xAI, a private AI firm valued at $50 billion, added $13 billion, while his 42% stake in SpaceX, valued at $210 billion during a recent tender offer, contributed $88 billion.

Speculation about an upcoming SpaceX funding round, potentially valuing the company at $250 billion, suggests Musk’s fortune could grow even further, possibly by an additional $18 billion.

Currently, Musk’s wealth places him $80 billion ahead of Larry Ellison, Oracle’s chairman, who ranks as the world’s second-richest person with $235 billion.

Most of Musk’s wealth comes from his 13% stake in Tesla, valued at $145 billion, along with a pending 9% equity award. However, Tesla shares remain about 14% below their late 2021 peak, while the broader S&P 500 index has risen 27% since then.