Tesla CEO Elon Musk has reached a record-breaking net worth of $348 billion, driven by a surge in Tesla stock and a $50 billion valuation for his artificial intelligence startup, xAI. The milestone marks the highest net worth ever recorded, according to the Bloomberg Billionaires Index.
Tesla and xAI Propel Musk’s Wealth
Musk’s financial leap comes on the heels of Tesla’s stock rallying 3.8% on November 22 to close at $352.56 per share. Over the past six months, Tesla shares have nearly doubled in value and are now just 15% shy of their all-time high of $407, achieved in November 2021.
- Tesla Impact: Musk’s 13% stake in Tesla, worth approximately $145 billion, forms a significant part of his wealth.
- AI Expansion: xAI, Musk’s artificial intelligence venture, recently completed a $50 billion funding round, further boosting his net worth.
The November rally in Tesla stock added approximately $350 billion in market value, with Musk’s fortune increasing by nearly $1 billion daily in recent weeks.
SpaceX Adds to Musk’s Fortunes
Musk’s 42% stake in SpaceX, valued at $210 billion in June, is another cornerstone of his immense fortune. Reports suggest that SpaceX could soon launch a tender offer round valuing the company at over $250 billion, potentially adding $18 billion to Musk’s net worth.
Surpassing the Competition
Musk is now the world’s richest individual by a significant margin. He is more than $80 billion ahead of Oracle chairman Larry Ellison, the second wealthiest person with a net worth of $235 billion.
Musk’s Recent Ventures and Humor
In addition to Tesla, SpaceX, and xAI, Musk owns X (formerly Twitter) and has been engaging in lighthearted discussions about media acquisitions.
- On November 23, Musk jokingly inquired about purchasing MSNBC after Comcast announced plans to spin off its cable companies, including CNBC and MSNBC.
- Comedian Joe Rogan joined the conversation, humorously volunteering to host a show in MSNBC’s Rachael Maddow’s style.
Musk’s net worth has grown by 52% in 2024, translating to a gain of $119 billion since January. Much of this growth is attributed to the 45% rise in Tesla stock following the U.S. presidential election, where Donald Trump’s win has fueled market optimism.
