Elon Musk experienced a remarkable 2024 as both Tesla and SpaceX recorded significant value increases, solidifying his status as the world's richest person.
In 2024, Musk's companies, excluding X, achieved new market capitalization milestones. His net worth surpassed $450 billion for the first time, exceeding Jeff Bezos of Amazon by over $200 billion.
Musk has also emerged as a powerful figure in U.S. politics, significantly supporting Donald Trump's successful 2024 election campaign. As one of Trump's closest advisors, Musk is poised to assist in government reform.
Tesla
Tesla's stock surged 85% this year, pushing the electric vehicle company's market cap above $1.4 trillion at one point. The company benefited from market expectations surrounding AI technology, which underpins self-driving vehicles and humanoid robots, as well as a stable economy and the Federal Reserve's interest rate cuts.
Investors anticipate that Musk's businesses will gain from his close relationship with Trump, suggesting less stringent regulations, government subsidies, and tax exemptions.
SpaceX
SpaceX's valuation nearly doubled from $180 billion at the end of 2023 to $350 billion this month. The aerospace company achieved numerous breakthroughs this year.
For instance, on October 13, SpaceX successfully recovered the Super Heavy rocket booster during the fifth test launch of the Starship system, a significant improvement from previous attempts where boosters were lost or damaged.
Net Worth
Musk's net worth saw a sharp decline in spring due to Tesla stock volatility, dropping below $170 billion. However, it rebounded strongly, reaching a historic high of $486 billion on December 17, coinciding with Tesla's stock peak and SpaceX's valuation of $350 billion.
xAI
Musk's AI startup, founded in July 2023 to compete with OpenAI, was valued at $24 billion after its Series B funding round. By November, following a new funding round, xAI's valuation rose to $50 billion.
X
The health of the social media platform Musk acquired in 2022 has deteriorated significantly. Since Musk's takeover, X's value has plummeted. The billionaire laid off most of the workforce and relaxed content moderation rules, leading to a mass exodus of advertisers and impacting revenue.
Musk claims X has nearly 1 billion active users, though approximately 40% log in only during major events.
Support for Trump
Musk has emerged as one of the largest spenders in the U.S. presidential election, investing over $270 million in ads against the Democratic Party and promoting conservative viewpoints.
His role in Trump's victory and position as co-leader of the Government Efficiency Department indicate that his political investments have paid off.
Neuralink
Neuralink, Musk's neurotechnology company, was valued at $8 billion this summer. The company is developing brain-computer interfaces to enable quadriplegics to control computers with their thoughts.