Elon Musk of Tesla, $TSLA, net worth has hit $455 Billion
Elon Musk, whose wealth has surged following President-elect Donald Trump’s victory last month, has become the first individual to reach a net worth of $400 billion, marking another significant milestone for the world’s richest person.
The latest boost to Musk’s fortune came from an insider share sale of his privately held company, SpaceX, which increased his net worth by approximately $50 billion, according to the Bloomberg Billionaires Index. Meanwhile, Tesla Inc.’s stock hit an all-time high on Wednesday, closing at $447 billion and further lifting Musk’s wealth to $447 billion.
Musk’s single-day wealth increase of $62.8 billion is the largest ever recorded, pushing the combined fortunes of the world’s top 500 billionaires past $10 trillion for the first time. For perspective, that amount rivals the combined gross domestic products of Germany, Japan, and Australia last year, based on World Bank data.
Since the start of 2024, Musk has added $218 billion to his net worth, outpacing all other billionaires. Tesla’s stock, which accounts for the majority of his fortune, has risen by 71% this year, hitting $424.77 on Wednesday—a record high not seen since 2021.
Factors Driving Musk's Wealth Growth
Tesla’s stock rally has been fueled by expectations that Trump will expedite the adoption of self-driving cars and eliminate tax credits for EVs that benefit Tesla’s competitors. Additionally, Musk is poised to play a prominent role in the Trump administration as co-head of the newly formed Department of Government Efficiency, an external body granting him influence in Washington and direct access to the Oval Office.
Beyond Tesla, Musk’s artificial intelligence startup, xAI, has seen its valuation more than double to $50 billion since its last fundraising round in May. The Wall Street Journal reported in November that Trump’s victory has renewed investor interest in the company.
SpaceX Hits Record Valuation
On Wednesday, SpaceX announced a deal in which the company and its investors would purchase $1.25 billion worth of shares from employees and insiders. This transaction values SpaceX at approximately $350 billion, making it the most valuable private startup globally.
SpaceX, which derives most of its revenue from U.S. government contracts, is expected to benefit further under a Trump administration. Trump has praised Musk’s ambition to send astronauts to Mars and even attended a SpaceX launch in Texas shortly after the election.
Jared Isaacman, Trump’s pick to lead NASA, is a billionaire tech entrepreneur who participated in the first commercial spacewalk aboard a SpaceX charter flight in September. Isaacman has lauded SpaceX as “the most innovative and impressive organization I’ve ever seen” and has a history of investing in the company, including a $27.5 million stake through his payments firm in 2021.
Legal Setbacks
Despite the record-breaking wealth, Musk faces challenges. Last week, a Delaware judge overturned his 2018 Tesla compensation package—valued at over $100 billion—for the second time. Tesla plans to appeal the decision, which Musk criticized as “absolute corruption” on X (formerly Twitter). Even if the award is rescinded, Musk remains the world’s wealthiest individual by a significant margin.