Elon Musk Achieves Record-Breaking Wealth Milestone, Becoming Richest Individual Ever

Elon Musk, CEO of Tesla, has achieved a new personal wealth milestone, reaching a net worth of $348 billion. This record cements his status as the richest person in history. His wealth has seen a significant boost following a rapid rise in Tesla’s stock price, which gained momentum after the recent U.S. elections.

Since Election Day, Tesla’s shares have jumped by 40%, including a 3.8% increase last Friday that pushed the stock to $352.56—a three-year high. This surge added $7 billion to Musk’s fortune, allowing him to surpass the previous peak of $320.3 billion, which he had reached in November 2021 during Tesla’s pandemic-era boom.

In addition to his role at Tesla, Musk has recently been named chair of the newly established “Department of Government Efficiency” (DOGE). He will collaborate with biotech entrepreneur Vivek Ramaswamy in this position. Wall Street analysts anticipate that the expected deregulation policies from the new administration could benefit Tesla, particularly its Full Self-Driving program, which has faced scrutiny from regulators.

Beyond Tesla, Musk’s ventures in artificial intelligence and space exploration have significantly bolstered his fortune. His 60% ownership in xAI, a private AI company valued at $50 billion, contributed $13 billion to his net worth. Additionally, his 42% stake in SpaceX, valued at $210 billion as of a June tender offer, has added $88 billion to his wealth.

There is speculation that an upcoming SpaceX funding round could increase the company’s valuation to $250 billion, potentially boosting Musk’s fortune by another $18 billion. His current net worth places him $80 billion ahead of Oracle’s chairman, Larry Ellison, who is the world’s second-richest individual with a net worth of $235 billion.

The bulk of Musk’s wealth is tied to his 13% stake in Tesla, currently valued at $145 billion, along with a pending 9% equity award in the company. Despite his record-breaking fortune, Tesla’s shares remain 14% below their late 2021 peak, while the broader S&P 500 index has climbed 27% in the same period.

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