Elon Musk Becomes the Richest Person in History with $334.3 Billion Net Worth

Highlights

Elon Musk's net worth has increased to $334.3 billion, fueled by Tesla's stock surge and growing investments in AI and space technology.

Elon Musk has achieved an unprecedented milestone, becoming the richest person in history with a net worth of $334.3 billion, according to Forbes. This wealth comes after a $70 billion increase in 20 days, largely driven by Tesla's remarkable stock performance.

Tesla's stock surged 40% after Donald Trump's election win, played a crucial role in Musk's wealth expansion. Investor confidence soared due to expectations of a more favourable regulatory environment for Tesla, particularly regarding its self-driving technology. Musk, an outspoken supporter of Trump during the election campaign, even participated in some rallies, firming his position as a prominent figure in the business and political landscape.

At market close on November 22, Tesla shares reached $352.56, marking a 3.8% increase and pushing Musk's net worth to a record $321.7 billion, surpassing his previous high of $320.3 billion from 2021. Musk's wealth now eclipses that of his closest competitor, Oracle chairman Larry Ellison, whose net worth stands at $235 billion.

Much of his fortune comes from his 13% stake in Tesla, worth $145 billion, and a pending 9% equity award. In addition to Tesla, other big ventures include xAI, which is valued at $50 billion, and SpaceX, worth $210 billion, among others.

In addition to the financial success, Musk's influence expands well beyond this; recently, he was named chair of the "Department of Government Efficiency" (DOGE) while partnering with entrepreneur Vivek Ramaswamy to improve how the government operates.

This meteoric fortune ascent for Musk captures the full extent of his dominance in various industries-from electric vehicles to artificial intelligence and space exploration. It is Tesla's growth and success in other business ventures that highlights the business acumen of identifying market dynamics and technological innovation.

With a $70 billion increase in net worth since Election Day, Musk's financial ascent and upward trajectory only reflect his status as a transformative force in today's business world, creating a benchmark in terms of wealth creation.