Elon Musk Reaches Historic $334.3 Billion Milestone, Strengthened by Tesla's Surge and SpaceX Growth

New Delhi(The Uttam Hindu):Elon Musk has solidified his position as the richest person in the world, with his net worth reaching a record $334.3 billion. This achievement comes on the back of rising Tesla stock prices and the increasing valuations of his various ventures, including SpaceX and xAI. A significant driver of Musk’s growing fortune has been Tesla’s recent performance. The company’s stock surged 3.8% on Friday, closing at $352.56 per share, a 3.5-year high. This rise in value added $7 billion to Musk’s wealth, bringing his net worth to $321.7 billion by the market's close.

Investors have shown strong confidence in Tesla’s future, particularly due to advancements in self-driving vehicles and potential favorable regulatory conditions if a Donald Trump presidency were to occur. Since the US elections, Tesla’s stock has jumped by 40%, adding approximately $70 billion to Musk’s wealth. Musk’s 13% stake in Tesla is now worth $145 billion, with another 9% equity reward pending in a Delaware court. Forbes, however, has halved the valuation of the pending equity when estimating Musk’s wealth. Musk’s latest venture, xAI, an artificial intelligence company, has further contributed to his financial growth. Valued at $50 billion, xAI has added $13 billion to Musk’s net worth. As a 60% owner of xAI, Musk’s stake in the company significantly boosts his wealth.

SpaceX, Musk’s aerospace and satellite communications firm, also plays a crucial role in his financial success. The company was valued at $210 billion during a June tender offer, making Musk’s 42% stake worth $88 billion. A new tender offer expected next month could push SpaceX’s valuation to over $250 billion, which would add another $18 billion to Musk’s net worth. Beyond Tesla, xAI, and SpaceX, Musk also holds stakes in Neuralink, which focuses on brain implants, and X.com (formerly Twitter). Although these ventures contribute to his wealth, their financial impact is much smaller compared to his primary assets. With a net worth of $334.3 billion, Musk is far ahead of his closest competitor, Larry Ellison, Oracle’s chairman, who holds $235 billion. Musk’s lead in the global billionaire race remains substantial.