What’s New
Elon Musk, the CEO of Tesla and SpaceX, now has a net worth of $474 billion, making him wealthier than Amazon founder Jeff Bezos and Meta CEO Mark Zuckerberg combined, according to the Bloomberg Billionaires Index.
Bezos’s net worth stands at $251 billion, while Zuckerberg’s is $221 billion. They are the second and third richest people in the world but their collective fortunes still put them $2 billion behind Musk.
Newsweek contacted Musk’s office, Tesla and SpaceX for comment via email.
Why It Matters
The Bloomberg Billionaires Index tracks the daily net worth of the world’s richest individuals based on share prices and other assets. Musk, 53, has consistently ranked among the wealthiest in the world, but this latest milestone reflects the significant appreciation in Tesla stock alongside his other holdings, and he is now the first person in history with a net worth in excess of $400 billion.
This latest figure solidifies the power held by the owner of X (formerly Twitter) as he continues to dominate the tech, auto and social media world and looks set to play a key role within President-elect Donald Trump’s incoming administration.
While Musk spent more than $277 million supporting the Republican nominee and other GOP candidates throughout 2024, the tech billionaire has earned over $170 million in the wake of the election according to an analysis from The Washington Post.
Just one day after the presidential election in November, Tesla stock closed at a record high of $424.77 per share, raising the electric-vehicle giant’s valuation to $1.36 trillion. This helped add roughly $52 billion to Musk’s wealth.
Tesla, which Musk owns a 12 percent stake in, has seen its share value steadily increase over the past year, bolstered by robust demand for electric vehicles and continued advancements in artificial intelligence, areas where Musk remains a central figure. SpaceX, the private space exploration company Musk leads, has also grown in valuation through successful satellite launches and government contracts. As of the second half of this year, SpaceX was worth $210 billion, according to Bloomberg.
In 2023, the billionaire also founded xAI, an artificial intelligence startup in which Musk holds an estimated 54 percent stake. The company was valued at $50 billion as of November 2024, according to the Wall Street Journal.
Topping off Musk’s lucrative business portfolio is The Boring Company, an infrastructure company which claimed to be worth $5.68 billion in April 2022.
Musk currently of Tesla, the world’s most valuable car company, and holds an estimated 42 percent stake in rocket producer, SpaceX. In a controversial move, Musk bought the social media platform X for $44 million. Since Musk assumed ownership of the social media company in 2022, it is worth nearly 70 percent less as of August 2024, according to estimates from Forbes.
What People Are Saying
Dan Ives, global head of technology research at Wedbush Securities told Bloomberg that Musk’s bet on Trump as a “bet for the ages,” and said that the next four years will be a “total game changer” for Tesla’s autonomous and AI ventures.
“Tesla’s run is a direct result of a renewed belief in autonomy and future robotics,” said Gene Munster on X.
The managing partner of Deepwater Asset Management added that: “Since November 5, the Nasdaq has risen 10 percent, while Tesla has surged 84 percent.
Now, imagine the impact on the market caps of SpaceX and xAI if they were public companies. My guess is that they would have more than doubled.”
What’s Next
Musk is set to head the “Department of Government Efficiency,” otherwise known as DOGE, alongside former Republican presidential candidate and biotech engineer Vivek Ramaswamy. According to the incoming president, the non-governmental advisory group “will provide advice and guidance from outside of Government, and will partner with the White House and Office of Management & Budget.”
Since being tapped for the role, some have raised concerns about possible conflicts of interest which may arise should Musk hold both government and private industry roles.
Ives said Tesla could jump another 25 percent in value, according to Opening Bell Daily, and pointed out that most of the company’s gains year-to-date had come after Election Day.
