World’s Richest Man Elon Musk Leaves Jeff Bezos in the Dust by $237 Billion
Elon Musk, the world’s richest man, capped an extraordinary 2024 with a jaw-dropping surge in his wealth, widening the gap between himself and Amazon founder Jeff Bezos to a staggering $237 billion. The Tesla and SpaceX CEO’s net worth climbed by $213 billion in a single year, reaching a historic $442.1 billion by December, according to the Bloomberg Billionaires Index.
Musk’s meteoric financial ascent coincided with the election of President-elect Donald Trump, whose policies and public support for Musk’s ventures boosted investor confidence and propelled market gains for Musk’s companies. Tesla’s stock alone soared over 65% after Trump’s victory, fueled by promises to streamline electric vehicle regulations and curb competition from Chinese automakers.
Trump’s Victory and Its Impact on Billionaire Wealth
Trump’s return to the White House not only benefited Musk but also ignited a surge in the fortunes of the world’s wealthiest. Collectively, the top 500 billionaires added $1.5 trillion to their wealth in 2024, with Musk alone accounting for 13% of the gains.
The S&P 500 climbed by over 23% during the year, driven by optimism surrounding Trump’s pro-business agenda. Tech giants, including Meta, Nvidia, and Tesla, accounted for much of the market’s growth. In just five weeks following Trump’s election win, billionaires tracked by Bloomberg’s index saw their wealth increase by $505 billion, reflecting the immediate market enthusiasm sparked by Trump’s policies.
Musk’s Strategic Alliance with Trump
Musk’s public support for Trump played a pivotal role in his financial success. The president-elect’s endorsement of Musk’s ambitious projects, including SpaceX’s Mars missions and xAI’s AI advancements, attracted substantial investments and lucrative government contracts. SpaceX, now valued at $350 billion, saw significant institutional backing as a result.
Musk’s alignment with Trump extends beyond business, as he is set to co-lead the newly established Department of Government Efficiency (DOGE), tasked with reducing federal spending by $2 trillion. This formal role cements Musk’s influence within the incoming administration and underscores his willingness to integrate business with politics.
A Year of Mixed Fortunes for Billionaires
While Musk and other tech leaders like Nvidia’s Jensen Huang and Meta’s Mark Zuckerberg experienced substantial gains, not all billionaires thrived. French luxury magnates Bernard Arnault and Francoise Bettencourt Meyers faced losses totalling $71 billion due to weakened demand in China. Similarly, Latin American billionaires struggled amidst currency devaluations and shifting political landscapes.
Criticism and Potential Risks
Musk’s close relationship with Trump has drawn scrutiny, with critics raising concerns about potential conflicts of interest as Musk’s companies secure significant government contracts. Despite these risks, Musk’s strategic political gambit has paid off handsomely, making 2024 his most financially successful year yet.
As Musk’s wealth reaches unprecedented heights, his rise underscores the growing influence of tech billionaires and the intertwining of business and politics. Whether this trajectory continues under Trump’s administration remains to be seen, but for now, Musk stands unrivalled at the pinnacle of global wealth.
