Since Election Day, Tesla’s stock has risen 40%, and it rose 3.8% on Friday alone to close at $352.56, the highest level in more than three years.
According to Forbes, Elon Musk has a net worth of $334.3 billion, making him the richest person in history. The sharp increase comes after a surge in Tesla shares, which was fueled by Wall Street optimism regarding the pro-business stance of the billionaire’s close ally, US President-elect Donald Trump.
Since Election Day, Tesla’s stock has risen 40%. It closed at $352.56, its highest price in more than three years, up 3.8% on Friday alone. Mr. Musk’s wealth increased by $7 billion, surpassing the previous peak of $320.3 billion, which was reached during Tesla’s pandemic-era boom in November 2021.
Trump and Elon Musk’s close relationship has boosted investor confidence. Mr. Musk contributed more than $100 million to Trump’s campaign after supporting him earlier this year. He will collaborate with biotech entrepreneur Vivek Ramaswamy in his new role as chair of the “Department of Government Efficiency” (DOGE). Wall Street analysts believe that Tesla will benefit greatly from the Trump administration’s expected deregulation measures, especially with regard to its Full Self-Driving programs, which have come under regulatory scrutiny.
In addition to Tesla, Mr. Musk’s business endeavors in aerospace and artificial intelligence have increased his wealth. His fortune increased by $13 billion because to his 60% ownership in xAI, a $50 billion private AI company. In the meantime, he donated $88 billion from his 42% investment in SpaceX, which was valued at $210 billion in a June tender offer.
According to speculation, Mr. Musk’s net worth might increase by an additional $18 billion as a result of SpaceX’s impending investment round, which could value the business at $250 billion.
With his present net worth, Mr. Musk is $80 billion richer than Oracle chairman Larry Ellison, who is the second-richest person in the world with $235 billion. Mr. Musk’s 13% ownership in Tesla, which is currently worth $145 billion, and his forthcoming 9% stock reward in the firm account for the majority of his wealth.
But even with his extraordinary wealth, Tesla’s stock is still around 14% below its peak in late 2021. Since then, the S&P 500 index as a whole has increased by 27%.
