Elon Musk has achieved a record net worth, becoming the wealthiest individual ever, according to Forbes. His fortune surged following the election victory of Donald Trump, a close ally.
Musk's net worth now exceeds $315 billion, making him over $80 billion richer than the next wealthiest person, Oracle chairman Larry Ellison, at $235 billion. A significant portion of Musk's wealth stems from his 13% stake in Tesla, valued at $145 billion, with an additional pending 9% equity award.
His 42% stake in SpaceX, valued at $210 billion, contributes another $88 billion. Musk also holds stakes in Neuralink and X, the social media platform formerly known as Twitter.
After endorsing Trump in July, Musk contributed over $100 million to Trump's campaign and has integrated into his inner circle, describing himself as Trump's 'first buddy.' He will chair the newly formed 'Department of Government Efficiency' alongside billionaire Vivek Ramaswamy.
Wall Street analysts anticipate a Trump presidency could benefit Tesla due to potential regulatory rollbacks affecting the company's Full Self-Driving programs.
Musk's xAI, founded in 2023, is reportedly valued at $50 billion after raising $5 billion in a recent funding round. This could increase Musk's net worth by another $13 billion. Additionally, SpaceX is set to initiate a tender offer next month that may further elevate Musk's wealth.
Despite this growth, Tesla shares remain approximately 14% below their peak from late 2021.