Elon Musk has reclaimed the top spot on the world's rich list, with his net worth soaring to a staggering $455 billion, according to the Bloomberg Billionaires Index.
This massive surge comes as Musk's wealth has increased by more than $200 billion in 2024, largely due to a significant rise in the stock price of Tesla, the electric vehicle company he leads. Tesla's stock price jumped nearly 71% after the U.S. presidential election, helping to push Musk's fortune to new heights.
Elon Musk Tops Rich List as Fortune Hits $455 Billion
Musk, 53, has remained Tesla's largest shareholder, holding a 13% stake in the company. This has been a major factor in his wealth accumulation, as Tesla investors were optimistic about Musk's close ties with the new administration, hoping that his influence would benefit the company's future.
Furthermore, Musk's financial gains have been bolstered by an insider share sale at his space exploration company, SpaceX, DailyMail said.
Recently, SpaceX bought back $1.25 billion of its shares, contributing to Musk's growing fortune.
In addition to his stake in Tesla, Musk heads several other ventures, including SpaceX, Neuralink, and the Boring Company, all of which stand to benefit from potential policy changes under the upcoming administration.
His wealth was also positively impacted by a large pay package from Tesla, valued at $56 billion, which is currently being contested in court.
Since the US presidential election, Musk's fortune has grown by over $170 billion. Tesla shares have seen a remarkable rally since November 5, when the election results were clear. As of this week, Tesla shares were trading at a record $436.23 per share.
Musk's net worth is now more than $455 billion, making him the world's richest individual, ahead of Amazon founder Jeff Bezos and Facebook CEO Mark Zuckerberg.
In the world's richest rankings, Musk is followed by Bezos, who holds a net worth of $246 billion, and Zuckerberg, whose fortune stands at $219 billion.
A significant portion of the top billionaires are tech moguls, with Larry Ellison, co-founder of Oracle, ranking fourth at $194 billion. Other notable figures like Bill Gates, Larry Page, and Sergey Brin also remain high on the list.
Musk's Wealth and Trump Ties Spark Policy Concerns
Musk's remarkable wealth increase also comes in the context of his growing political influence. In addition to his business ventures, Musk has invested heavily in political causes.
According to the Washington Post, Musk spent at least $277 million supporting Donald Trump and other Republican candidates during the 2024 campaign.
Musk's close relationship with Trump has raised eyebrows, as his role in shaping policy could directly impact his business interests. Musk was recently appointed to co-chair the Department of Government Efficiency (DOGE), a non-governmental group that aims to streamline government spending and reduce regulations.
This position could give Musk the opportunity to influence policies related to his businesses, particularly Tesla's autonomous vehicle projects.
Despite these gains, Musk's wealth and political involvement have sparked controversy. Some critics, particularly Democratic lawmakers, have raised concerns about potential conflicts of interest, citing Musk's influence over regulatory decisions that could benefit his companies.
They worry that loosening safety regulations, especially for autonomous vehicles, could put public safety at risk while benefiting Musk financially.
As Musk continues to dominate the world's richest list, his vast business empire, political involvement, and personal wealth will remain a focal point of attention in the coming years. His ability to navigate both the tech world and the political landscape could have significant implications for his companies, and for the industries they operate in.
