Tesla CEO Elon Musk has officially become the wealthiest individual in history, according to Forbes. The net worth of the SpaceX head has reached $334.3 billion, the media organisation reported.
This development follows a major rally seen in Tesla shares, which climbed high as investors became more confident about the company after US President Donald Trump’s win. Trump is a close ally of Musk and his pro-business policies are expected to help corporates boost their margins.
Tesla’s Share In Musk’s Wealth
The Tesla stocks soared by 40 per cent following the US presidential election, reported Moneycontrol. This also included the latest rally of 3.8 per cent seen in the last trading session on Friday, which saw the firm’s shares climb to their peak value in over three years at $352.56.
This gain added $7 billion to the entrepreneur’s wealth as he surpassed the earlier record high of $320.3 billion. This earlier record was achieved by Tesla’s pandemic-driven boom in November 2021.
Musk’s share of 13 per cent in Tesla, valued at $145 billion, contributes significantly to his overall fortune. Further, he also has a 9 per cent equity award pending in the firm.
The businessman’s inclination towards Trump has helped increase investor confidence. Earlier this year, Musk endorsed Trump and contributed more than $100 million to his campaign. The billionaire has also been named chair of the newly established Department of Government Efficiency (DOGE), where he will work alongside biotech businessman Vivek Ramaswamy.
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Other Ventures
In addition to Tesla, multiple ventures contribute to Musk’s wealth. The billion has a 60 per cent stake in artificial intelligence firm xAI which is valued at $50 billion. This investment has added $13 billion to his overall wealth.
He also owns a 42 per cent stake in SpaceX which is valued at $210 billion after a June tender offer and has added $88 billion to his wealth. There are speculations around the firm’s next funding round which could boost its valuation to $250 billion, indicating an increase in Musk’s wealth by about $18 billion.
Notably, Oracle chairman, Larry Ellison ranks second in the world’s richest individuals and has a net worth of $235 billion.
