JAKARTA - Elon Musk has reclaimed the top spot on the world's billionaires list after his wealth surged by over $200 billion this year.
At 53 years old, Musk's net worth now stands at $455 billion, according to the Bloomberg Billionaires Index. This increase is attributed to a nearly 71% rise in Tesla shares following the U.S. elections.
Musk is the largest shareholder of the electric vehicle manufacturer, holding approximately 13% of its stock. His wealth was also boosted by insider stock sales at SpaceX, which he leads.
Last week, the rocket company and its investors agreed to purchase $1.25 billion in common stock. Musk has spent at least $277 million supporting Donald Trump and other candidates during the 2024 campaign, witnessing an increase of over $170 billion since election day.
Investors in Tesla are optimistic about Musk's relationship with Trump, hoping that his influence in shaping the upcoming Republican administration's policy agenda will benefit the automaker.
Musk is followed by Amazon founder Jeff Bezos, who has a net worth of $246 billion, and Facebook CEO Mark Zuckerberg, with $219 billion.
The latest billionaire rankings reveal that eight of the ten richest individuals globally are technology tycoons. Oracle co-founder Larry Ellison ranks fourth with a net worth of $194 billion. Google founders Larry Page and Sergey Brin, as well as Microsoft founder Bill Gates and former CEO Steve Ballmer, also feature on the list.
According to the Daily Mail, Musk's net worth surpassed $400 billion last Thursday and exceeded $455 billion by Monday. Bloomberg's estimates include a record-breaking $56 billion compensation package from Tesla, which was previously stalled in court.
Musk's wealth has been propelled by a surge in Tesla stock, which recently hit record highs, extending a rally that began after the November 5 election. On Monday morning, Tesla shares were trading at $436.23.
Discussing his soaring wealth on social media platform X last week, Musk remarked on the Bloomberg Billionaires Index: 'What’s really crazy about this is that almost no investors want to sell their shares even at a $350 billion valuation.'
He added that SpaceX has reduced the number of shares it buys back from employees to attract new investors. In addition to Tesla, Musk leads brain technology startup Neuralink, both SpaceX and Neuralink rely heavily on government regulation and policy and could benefit from a business-friendly administration. He also owns social media site X and tunnel construction company The Boring Company.