Elon Musk’s Wealth Hits Unprecedented High of $350 Billion
Elon Musk’s fortune has reached an all-time high, with the billionaire now worth an estimated $347.8 billion, according to Bloomberg. This new milestone surpasses his previous record set in November 2021, when his net worth exceeded $340 billion.
The surge in Musk’s wealth follows the aftermath of the 2024 U.S. presidential election, which has fueled investor optimism about the billionaire’s growing influence in Washington. Tesla shares, in which Musk holds a significant stake, have soared by 40% since Election Day on November 5. The stock gained an additional 3.8% on Friday, reflecting expectations that the incoming Trump administration’s deregulatory policies will benefit the electric vehicle giant.
Musk, the CEO of Tesla and SpaceX, along with ventures such as Neuralink, xAI, and The Boring Company, has added approximately $83 billion to his net worth since the election. His position as the world’s richest individual now places him more than $100 billion ahead of Amazon founder Jeff Bezos, who holds the second spot on the billionaire rankings.
Adding to his growing portfolio, Musk’s artificial intelligence startup, xAI, recently completed a funding round that more than doubled its valuation to $50 billion, the Wall Street Journal reported.
The billionaire’s influence is set to expand further as he takes on a new role alongside entrepreneur Vivek Ramaswamy, co-leading a “Department of Government Efficiency (DOGE)” under the Trump administration. The department’s name is a nod to Dogecoin, the popular cryptocurrency Musk frequently promotes.
This marks yet another chapter in Musk’s meteoric rise, fueled by his innovative ventures and ability to capitalize on market and political shifts. As investors rally behind his vision, Musk’s dominance in the tech and financial spheres appears stronger than ever.
