Elon Musk is officially the richest he’s ever been (and the wealthiest person ever), according to Forbes’ calculations, as the planet’s richest person grew much richer as shares of the Musk-led publicly traded electric vehicle company Tesla soared after the election win of Musk’s close ally Donald Trump.
Key Facts
- Musk’s net worth was a record $321.7 billion at market close Friday, getting a $7 billion boost as Tesla stock climbed 3.8% to a new 3.5-year closing high of $352.56 per share.
- That eclipses the previous high water mark of $320.3 billion set Nov. 5, 2021 amid Tesla’s pandemic era surge.
- And with the valuation of his generative artificial intelligence company xAI swelling to $50 billion, according to The Wall Street Journal, Musk got a further $13 billion richer, extending his net worth to $334.3 billion (Musk owns 60% of the AI company).
- Musk is again owner of the largest fortune ever tracked by Forbes, topping the record he set in 2021.
- Musk’s fortune is now about $70 billion larger than it was on Election Day as Tesla shares surged 40% as Wall Street bought into what should be a more friendly regulatory environment under Trump for Tesla, especially for its self-driving vehicles.
Forbes Valuation
Musk, who was worth less than $200 billion just six months ago, is now more than $80 billion richer than the next wealthiest person, his friend and Oracle chairman Larry Ellison at $235 billion. Much of Musk’s fortune comes from his 13% stake in Tesla worth $145 billion, with another 9% equity award in the company pending an appeal in Delaware court (Forbes discounts the value of the award by 50% in its valuation of Musk). The other primary source of Musk’s fortune is his 42% stake in SpaceX, which was valued at $210 billion in a June tender offer, putting Musk’s stake in the private aerospace and satellite communications company at $88 billion. Musk holds less valuable stakes in his other companies including human brain implant company Neuralink and X, the social media company formerly known as Twitter.
How Musk Could Soon Get Even Richer
Musk’s net worth could also get a more than $18 billion bump from SpaceX, which is set to initiate a tender offer round next month valuing the company at more than $250 billion, multiple outlets reported.
Key Background
After endorsing Trump in July, Musk donated more than $100 million to Trump’s election efforts and quickly became part of the president-elect’s inner circle, describing himself as Trump’s “first buddy” in a recent X post. Trump’s unofficial “secretary of cost-cutting,” Musk will chair the newly commissioned “Department of Government Efficiency” alongside fellow billionaire Vivek Ramaswamy. Perhaps no surprise considering the stock’s ascent since the election, Wall Street analysts covering Tesla largely view a Trump presidency as a boon for the automaker due mostly to the prospect of fewer regulations for the company’s controversial Full Self-Driving programs.
Surprising Fact
Tesla shares still trade about 14% below their all-time high set in late 2021, at Musk’s prior net worth apex, a time in which the S&P 500 has advanced 27%.
This article was originally published on forbes.com and all figures are in USD.
