Elon Musk gets even richer after wealth hits all-time high post Trump win

The jump in Elon Musk's fortune came after Tesla shares rose 3.8% on Friday, reaching a 3.5-year closing high of $352.56 per share.

In Short

• Elon Musk's net worth hits $334.3 billion, his highest ever
• Tesla shares rose 3.8%, adding $7 billion to Musk's wealth
• xAI, valued at $50 billion, boosts his net worth by $13 billion

Elon Musk, the CEO of Tesla and SpaceX, has reached a new milestone in wealth, becoming the richest he has ever been.

Following a surge in the stock prices of his companies and the growing valuation of his ventures, Musk’s net worth has climbed to an all-time high of $334.3 billion, according to Forbes.

TESLA STOCK BOOSTS MUSK'S WEALTH

The jump in Musk's fortune came after Tesla shares rose 3.8% on Friday, reaching a 3.5-year closing high of $352.56 per share. This surge added $7 billion to his wealth, taking his net worth to $321.7 billion by the market's close. The rise in Tesla’s share price is attributed to optimism among investors about a regulatory environment that could favour Tesla’s self-driving vehicles under Donald Trump's presidency.

Since the US election results, Tesla’s stock has gained an impressive 40%, adding approximately $70 billion to Musk’s wealth. His 13% stake in Tesla is currently valued at $145 billion, with an additional equity award of 9% pending in a Delaware court. However, Forbes said that it has discounted this additional equity by 50% when calculating Musk’s fortune.

THE xAI FACTOR

Musk’s latest venture, xAI, a generative artificial intelligence company, has also contributed to his growing wealth. The company, now valued at $50 billion according to reports, added $13 billion to his net worth. Musk owns a 60% stake in xAI, further bolstering his financial position.

SPACE X AND OTHER VENTURES

Musk's wealth is also heavily tied to SpaceX, the aerospace and satellite communications company. SpaceX was valued at $210 billion in a June tender offer, making Musk's 42% stake worth $88 billion. The company is expected to conduct another tender offer next month, according to various media report which could push its valuation beyond $250 billion. If this happens, Musk’s net worth could increase by an additional $18 billion.

Apart from Tesla and SpaceX, Musk has stakes in other ventures such as Neuralink, a company working on brain implants, and X (formerly known as Twitter). However, these holdings are less significant compared to his primary assets.

Musk's financial lead over other billionaires is huge. He is $80 billion richer than the second wealthiest person, Larry Ellison, the Oracle chairman, who has a net worth of $235 billion.

With his companies leading in innovative technologies like electric vehicles, artificial intelligence, and space exploration, Musk's net worth may scale new highs.