Elon Musk Becomes the World’s Richest Person Ever

This record-setting wealth surge comes after Tesla’s stock price climbed following Donald Trump’s victory in the U.S. elections. Musk had been one of Trump’s strongest supporters, even participating in some of his rallies. He was recently appointed as the chair of the "Department of Government Efficiency" (DOGE), where he will collaborate with Vivek Ramaswamy.

Forbes reports that Musk’s wealth peaked at $321.7 billion on November 22, after Tesla’s stock rose 3.8%, reaching $352.56 per share, its highest point in 3.5 years. This rise boosted Musk’s fortune by $7 billion, surpassing his previous high of $320.3 billion set in November 2021, during the peak of Tesla's pandemic-era growth.

Musk’s wealth is more than $80 billion greater than that of the second-richest person, Oracle's Larry Ellison, whose net worth stands at $235 billion. A significant portion of Musk’s fortune stems from his 13% stake in Tesla, valued at $145 billion. Additionally, Musk holds a 42% stake in SpaceX, valued at $210 billion, contributing further to his wealth. Musk also has a major stake in the AI company xAI, valued at $50 billion.

The surge in Musk’s wealth can also be attributed to the market's confidence in a friendlier regulatory environment for Tesla under Trump’s administration, which investors expect will benefit Tesla’s self-driving vehicle initiatives. Moreover, SpaceX's upcoming funding round, potentially raising its valuation to $250 billion, may further increase Musk's fortune by up to $18 billion.

Despite this historic financial rise, Tesla's stock is still 14% below its all-time high from 2021, leaving room for even more wealth growth in the future.