Elon Musk, the world’s richest person, has reached a new milestone in his wealth. As of November 22, 2024, Musk’s net worth hit an all-time high of $347.8 billion, according to the Bloomberg Billionaires Index.
This surge comes in the wake of Donald Trump’s victory in the 2024 U.S. presidential election, which triggered a rally in Tesla’s stock price.
Who is Elon Musk?
Elon Musk is a 53-year-old entrepreneur and business magnate born in Pretoria, South Africa. He is best known as the CEO and co-founder of several high-profile companies:
- Tesla: Electric vehicle and clean energy company
- SpaceX: Aerospace manufacturer and space transportation services company
- X (formerly Twitter): Social media platform
- Neuralink: Neurotechnology company
- The Boring Company: Infrastructure and tunnel construction company
- xAI: Artificial intelligence research company
Musk’s Wealth Breakdown
Musk’s unprecedented net worth is primarily derived from his stakes in various companies:
- Tesla: Musk owns about 13% of Tesla, valued at approximately $145 billion
- SpaceX: His 42% stake is worth around $88 billion
- X (formerly Twitter): Estimated at $8.4 billion
- xAI: Recently valued at $50 billion, with Musk owning a 60% stake
Recent Developments Boosting Musk’s Wealth
Several factors have contributed to Musk’s recent wealth surge:
- Tesla stock rally: Shares rose 40% following the 2024 election, driven by investor optimism about potential pro-business policies
- xAI valuation: The company’s value doubled to $50 billion in recent weeks
- Political influence: Musk’s reported appointment to lead the new Department of Government Efficiency (DOGE) under the Trump administration
Musk’s Business and Political Involvement
Musk has become increasingly involved in politics, reportedly donating around $130 million to Trump’s 2024 campaign. His growing political influence and the potential for favorable regulatory conditions for his businesses have further bolstered investor confidence.
Comparison to Other Billionaires
Musk’s wealth now far exceeds that of other billionaires. He is over $100 billion richer than the second-wealthiest person, Amazon founder Jeff Bezos.
As Elon Musk continues to break his own net worth records, his influence in both the business and political spheres appears to be growing. The coming years will likely see further developments in his various ventures and their impact on his wealth.