Elon Musk’s net worth soars $184B after Donald Trump’s victory: is $500B within reach this week?

(Originally posted on : Invezz )

Earlier in the week, Elon Musk made headlines for becoming the first human to achieve a net worth of $400 billion (around £315.22 billion).

The recent surge was driven by a deal that boosted the valuation of his rocket company, SpaceX, to approximately $350 billion.

Back in 2021, he also became the first person to hit the $300 billion mark.

Musk’s net worth now stands at around $474 billion, as per Bloomberg’s Billionaire Index, and it looks set to hit the $500 billion mark soon.

The tech CEO’s wealth recorded a jump of around $19 billion on Monday.

Elon Musk’s net worth sees meteoric rise in 2024

As per the index, the tech billionaire has seen his wealth surge by over $245 billion this year.

In contrast, Amazon founder Jeff Bezos — who is the world’s second richest person — has a total net worth of $251 billion.

His wealth has grown by around $74.5 billion this year.

 Mark Zuckerberg, the third richest person in the world, added the second most wealth in the year at around $91 billion.

The huge jump in his net worth can also be attributed to the rise in Tesla stock price in the second half of the year.

Tesla shares are the biggest contributor to his net worth.

After a lacklustre start to 2024, which saw the EV major’s stock price going down around 15% in the first six months of the year, the stock has seen a major jump in the past few months.

In the last six months, the Tesla stock price has surged over 140%.

The 53-year-old is the largest individual shareholder of Tesla, owning a 13% stake in the world’s most valuable car maker.

The Donald Trump factor

Musk was one of the fiercest backers of US President-elect Donald Trump during the campaign.

Since Trump’s victory, Tesla’s stock has surged about 90%.

The sentiment around the stock is optimistic as many believe that the incoming Trump administration will ease regulations for self-driving cars and remove tax credits benefiting Tesla’s competitors.

Since November 5, Musk’s wealth has risen by over $180 billion.

Elon Musk’s other ventures

The valuation of Elon Musk’s artificial intelligence startup, xAI, has more than doubled to $50 billion since its last funding round in May, fueled by increased interest following Donald Trump’s victory, as reported by the Wall Street Journal in November.

Earlier in the month, SpaceX and its investors finalised a deal to purchase $1.25 billion worth of shares from employees and other insiders.

The transaction values the privately held space exploration company at approximately $350 billion, solidifying SpaceX’s position as the most valuable private startup globally.

Musk is said to hold approximately 42% of SpaceX.

Musk is also involved in his startups Neuralink and The Boring Company.

His exact holding in these companies are not publicly available.

Elon Musk’s new role

Next month as Donald Trump returns to the White House, Musk will also don a new role.

Musk has been named co-head of the newly established Department of Government Efficiency (DOGE).

Though not an official government agency, DOGE is tasked with offering recommendations to streamline federal spending and operations.

The post Elon Musk’s net worth soars $184B after Donald Trump’s victory: is $500B within reach this week? appeared first on Invezz

Source link