Elon Musk's net worth hits $334.3 billion, his highest ever
PTC Web Desk: Elon Musk, the visionary CEO of Tesla, SpaceX, and xAI, has reached a historic financial milestone. With his net worth climbing to an all-time high of $334.3 billion, Musk solidifies his position as the richest person in the world. This achievement comes on the heels of surging stock prices for Tesla and the growing valuations of his other ventures, according to Forbes.
A significant factor behind Elon Musk’s rising fortune is the recent performance of Tesla’s stock, which gained 3.8% on Friday to close at $352.56 per share, a 3.5-year high. This jump added $7 billion to his wealth, bringing his net worth to $321.7 billion by the market’s close.
Investors are optimistic about Tesla’s future, particularly its advancements in self-driving vehicles, which could see favourable regulatory conditions under a potential Donald Trump presidency. Since the US election results, Tesla shares have soared by 40%, boosting Musk’s wealth by approximately $70 billion. His 13% stake in Tesla is currently valued at $145 billion, with an additional 9% equity award pending in a Delaware court. Forbes, however, has discounted this pending equity by 50% when calculating Musk’s fortune.
Musk’s latest venture, xAI, a generative artificial intelligence company, is another key contributor to his financial growth. The company, now valued at $50 billion, has added $13 billion to his net worth. Musk owns a 60% stake in xAI, further bolstering his financial dominance in cutting-edge industries.
Musk’s wealth is also heavily tied to SpaceX, the aerospace and satellite communications giant. SpaceX was valued at $210 billion during a June tender offer, making Musk's 42% stake worth $88 billion. A new tender offer expected next month could push SpaceX’s valuation beyond $250 billion. If this occurs, Musk's net worth could see an additional boost of $18 billion.
Musk’s portfolio extends beyond Tesla, xAI, and SpaceX. He also holds stakes in Neuralink, a company pioneering brain implants, and X.com (formerly Twitter). While these ventures contribute to his innovative leadership, their financial impact is relatively minor compared to his major assets.
With a net worth of $334.3 billion, Elon Musk leads the global billionaire race by a wide margin. He is $80 billion richer than Larry Ellison, the Oracle chairman, who holds the second spot with $235 billion.
- With inputs from agencies
