Elon Musk Becomes Richest Person in History with $348 Billion
Date: 2024-11-25 Author: Henry Casey Categories: BUSINESS
Billionaire Tesla CEO Elon Musk’s fortune has reached an all-time high of $348 billion. The jump was driven by Tesla shares and $50 billion raised for his startup xAI.
Musk’s fortune was $347.8 billion at the close of trading on November 22, a new record. The growth in his assets is due to the successful performance of Tesla (TSLA) shares and the high valuation of xAI, Musk’s AI startup, which recently raised $50 billion in funding. The previous record of $335 billion was set on November 12, and over the past two weeks, the entrepreneur’s fortune has increased by about a billion dollars a day.
Since the beginning of the year, Musk has increased his fortune by 52%, or $119 billion, according to the Bloomberg Billionaires Index. His wealth exceeds that of the next billionaire, Larry Ellison, by $80 billion. Ellison, the head of Oracle, has a net worth of $235 billion.
Tesla, Musk’s main source of wealth, rose 3.8% on November 22, reaching $352.56 per share. Their value has almost doubled over the past six months, and is now just 15% below the all-time high of $407 set in November 2021. Since November 4, ahead of the US presidential election, Tesla shares have risen 45%, increasing the company’s market value by about $350 billion.
Musk derives most of his wealth from his 13% stake in Tesla, which is valued at $145 billion, and his 42% stake in SpaceX, which had a market value of $210 billion in June. Musk’s net worth is expected to increase by another $18 billion after a new round of SpaceX funding is planned for next month. The company could be valued at more than $250 billion.
