Elon Musk has reached a new record, becoming the wealthiest person in history. His net worth jumped by $70 billion after Donald Trump won the presidency.
As of November 23, Musk’s fortune is now over $340 billion, solidifying his title as the world’s richest person.
Factors Behind Musk’s Wealth Increase
Several reasons explain the big rise in Musk’s net worth:
- Tesla Stock Increase: Tesla’s stock went up 40% after Trump’s election win. Investors are hopeful about possible changes in regulations that could help Tesla, especially its Full Self-Driving (FSD) program. Musk owns a 13% stake in Tesla, now valued at $145 billion, which greatly increased his wealth.
- Growth of xAI: Musk’s artificial intelligence company, xAI, saw its value double to $50 billion recently. His 60% ownership in xAI added around $13 billion to his wealth.
- SpaceX Success: SpaceX, another of Musk’s companies, is also a major part of his wealth. With a 42% stake valued at $210 billion, SpaceX added $88 billion to Musk’s net worth. Speculation about a new funding round that could value SpaceX at $250 billion suggests even more potential for growth.
Political Influence and Investor Confidence
Musk’s close relationship with President-elect Donald Trump has helped boost investor confidence. Reports say Trump will encourage policies that favor Tesla and other companies Musk leads.
Additionally, Musk has recently been appointed to lead the new Department of Government Efficiency (DOGE), which shows his growing influence in politics.
This latest increase has pushed Musk past his previous record of $320.3 billion, which he had reached during Tesla’s stock surge in November 2021.
He is now about $80 billion richer than Larry Ellison, co-founder of Oracle, who is second on the Bloomberg Billionaires Index with a net worth of $235 billion.
What’s Next
With Tesla shares at their highest in over three years and SpaceX likely seeing more value growth, experts believe Musk’s wealth could keep increasing. His work in artificial intelligence and space will continue to be key parts of his financial success.
Musk’s remarkable rise shows how he uses innovation, political ties, and market trends to achieve significant financial success. As he breaks records, many are eager to see what he accomplishes next.