Elon Musk now World’s richest person in history
by Sunita · KalingaTVElon Musk has become the wealthiest person in the world with a net worth of $347.8 billion, reported CNN. The rise in Musk’s wealth came following a rally in Tesla stock, driven by Wall Street optimism about the billionaire participation in Tesla stock, driven by Wall Street optimism about the billionare’s support of US President-elect Donald Trump.
Since the election day, the stock of Tesla’s stock has surged 40 per cent. On friday, the Tesla stock price went up by 3.8 per cent and to close at the three year highest ever price of $352.56. With this rise in stock price, Musk added $7 billion to his fortune, taking it up to $320.3 billion.
Elon Musk was recently appointed as the chair of the new “Department of Government Efficiency” (DOGE), where he will work alongside biotech entrepreneur Vivek Ramaswamy. The billionare’s close ties with Trump have fuelled investor confidence.
Musk’s wealth also increased with contribution from his ventures in artificial intelligence and aerospace. A private AI firm xAI worth $50 billion, in which Musk has 60 per cent stake also added $13 billion to his fortune. Meanwhile, his 42 per cent stake in SpaceX, valued at $210 billion in a June tender offer, contributed $88 billion.
Speculation around SpaceX’s upcoming funding round, which could value the company at $250 billion, suggests Mr Musk’s net worth might climb even higher, potentially adding $18 billion to his fortune.
Mr Musk’s current net worth puts him $80 billion ahead of Larry Ellison, Oracle’s chairman, who holds the title of the world’s second-richest individual with $235 billion. Most of Mr Musk’s wealth stems from his 13% stake in Tesla, currently valued at $145 billion and his pending 9 per cent equity award in the company.
However, despite his historic fortune, Tesla shares remain about 14 per cent below their all-time high from late 2021. Meanwhile, the broader S&P 500 index has risen 27 per cent since then.