Musk's Net Worth Tops One-Third of a Trillion Dollars

Bibhu Pattnaik

November 24, 2024

Elon Musk‘s net worth has reached an unprecedented $347.8 billion. This significant increase in wealth is attributed to a surge in the stock of Tesla Inc. (NASDAQ:TSLA) and a successful funding round for his AI startup, xAI.

What Happened: Musk’s wealth has seen a substantial increase due to a 3.8% jump in Tesla stock and a new funding round for xAI, which now values the startup at $50 billion.

This has led to Musk surpassing his previous wealth record of $340.4 billion set in 2021.

The Insider reports that the net worth of the Tesla and SpaceX CEO has increased by an unmatched $117.8 billion this year, placing him over $128 billion ahead of the second richest person, Amazon founder Jeff Bezos. Tesla’s stock has seen a surge following Donald Trump‘s victory in the U.S. presidential election, closing on Friday at $352.56.

Mark Malek, the chief investment officer at Siebert, suggested that the stock’s increase is partly due to Musk’s public involvement in Trump’s campaign.

Also Read: “I Knew If I Bought a Sink”: What Does Elon Musk’s Cryptic Tweet Mean?

Musk’s 13% stake in Tesla has also seen a significant increase in value, with his personal fortune now exceeding Salesforce’s $327 billion.

Why It Matters: The surge in Musk’s wealth highlights the growing influence of tech entrepreneurs in the global economy.

Musk’s companies, Tesla and SpaceX, have been at the forefront of technological innovation, driving advancements in electric vehicles and space travel.

The successful funding round for xAI, Musk’s AI startup, also underscores the increasing importance of artificial intelligence in various sectors.

This record-breaking increase in Musk’s wealth is a testament to the significant role these tech giants play in shaping the future of our world.

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