CHART: Elon Musk's Wealth Climbs to Over $400 Billion
This milestone cements his place as one of the most influential and wealthiest figures in modern history.
Elon Musk has made history as the first person ever to amass a net worth surpassing $400 billion, according to Bloomberg.
At $439.2 billion, his wealth reflects the staggering success of his ventures, from Tesla to SpaceX, and his masterful ability to navigate the volatile worlds of technology and business.
This milestone cements his place as one of the most influential and wealthiest figures in modern history.
Musk’s journey follows a series of setbacks. In 2022, his net worth plummeted by over $200 billion during turbulent times for Tesla’s stock and the struggles of X (formerly Twitter). But 2024 has marked a stunning rebound, with Musk adding $218 billion to his wealth in less than a year. Even a Delaware judge’s rejection of a $100 billion Tesla compensation package didn’t slow him down.
Musk’s recent wealth surge has been largely driven by SpaceX, his privately held rocket company. A private share sale valued SpaceX at $350 billion, making it the most valuable private startup globally. Musk’s 42% stake in the company added $50 billion to his fortune, fueled by investor enthusiasm for his interstellar ambitions. SpaceX’s groundbreaking work in reusable rockets and plans for Mars colonization have not only redefined space exploration but also secured Musk’s place as a visionary pioneer.
Of course, Tesla, his electric vehicle (EV) venture continues to shine as the cornerstone of Musk’s empire. Its stock climbed 71% this year, recently hitting a record $424.77 per share thanks to market optimism about President-elect Donald Trump’s policy agenda—one that could accelerate the rollout of self-driving cars and reduce tax incentives for Tesla’s competitors.
Beyond Tesla and SpaceX, Musk’s other ventures are gaining traction. His artificial intelligence company, xAI, has doubled its valuation to $50 billion since May 2024, while his social media platform, X (formerly Twitter), continues to play a prominent role in shaping online discourse, even amid financial challenges.
Emmanuel Oyedeji
Musk’s success has also been interwoven with his political strategies. His vocal support and substantial financial backing for Trump’s 2024 reelection campaign—amounting to nearly $250 million has helped with this momentum.
With Trump’s victory, Musk is poised to benefit even more. SpaceX, which relies heavily on government contracts, stands to gain from a supportive administration. Tesla, too, could thrive under policies that favour technological innovation and deregulation.
The Trump-Musk alliance goes deeper than just policy. Trump has publicly championed Musk’s space vision, even attending a SpaceX launch in Texas after the election. Musk, in turn, is reportedly being considered for a key role in a government efficiency initiative, further cementing his influence in the corridors of power.
As Musk celebrates his historic $400 billion milestone, the winds of political and economic fortune seem to be at his back. With Trump’s administration likely to prioritize initiatives aligned with Musk’s ambitions, his trajectory suggests this record-breaking wealth is just the beginning. The billionaire who dreams of Mars may soon find his earthly fortune climbing to even greater heights.
