Elon Musk’s net worth surged by $70 billion post-Trump’s win, reaching over $340 billion. Tesla’s stock soared 40%, while his AI company xAI doubled in value.
Elon Musk just can’t seem to stop breaking his own records. With a $70 billion boost to his net worth following Donald Trump’s win, Musk is now officially richer than anyone could have predicted—again.
Musk’s net worth was a record $321.7 billion at market close Friday, getting a $7 billion boost as Tesla stock climbed 3.8% to a new 3.5-year closing high of $352.56 per share.
That eclipses the previous high water mark of $320.3 billion set Nov. 5, 2021 amid Tesla’s pandemic era surge.
And with the valuation of his generative artificial intelligence company xAI swelling to $50 billion, according to The Wall Street Journal, Musk got a further $13 billion richer, extending his net worth to $334.3 billion (Musk owns 60% of the AI company).
Musk is again owner of the largest fortune ever tracked by Forbes, topping the record he set in 2021
Musk’s fortune is now about $70 billion larger than it was on Election Day as Tesla shares surged 40% as Wall Street bought into what should be a more friendly regulatory environment under Trump for Tesla, especially for its self-driving vehicles.
Many believed that Elon Musk’s influence within the Trump administration could lead to favourable regulations for Tesla. As the company’s largest shareholder, the Space X CEO’s net worth surged by an estimated $83 billion in the aftermath of the election. On the other hand, the President-elect, impressed by Elon Musk’s efficiency and financial success, has placed him at the helm of the ‘Department of Government Efficiency (DOGE),’ named after a memecoin.
Musk, who was worth less than $200 billion just six months ago, is now more than $80 billion richer than the next wealthiest person, his friend and Oracle chairman Larry Ellison at $235 billion. Much of Musk’s fortune comes from his 13% stake in Tesla worth $145 billion, with another 9% equity award in the company pending an appeal in Delaware court (Forbes discounts the value of the award by 50% in its valuation of Musk). The other primary source of Musk’s fortune is his 42% stake in SpaceX, which was valued at $210 billion in a June tender offer, putting Musk’s stake in the private aerospace and satellite communications company at $88 billion. Musk holds less valuable stakes in his other companies including human brain implant company Neuralink and X, the social media company formerly known as Twitter.
KEY BACKGROUND
After endorsing Trump in July, Musk donated more than $100 million to Trump’s election efforts and quickly became part of the president-elect’s inner circle, describing himself as Trump’s “first buddy” in a recent X post. Trump’s unofficial “secretary of cost-cutting,” Musk will chair the newly commissioned “Department of Government Efficiency” alongside fellow billionaire Vivek Ramaswamy. Perhaps no surprise considering the stock’s ascent since the election, Wall Street analysts covering Tesla largely view a Trump presidency as a boon for the automaker due mostly to the prospect of fewer regulations for the company’s controversial Full Self-Driving programs.
