Elon Musk has broken a historic record, becoming the wealthiest person in history with an estimated net worth of $334.3 billion, Forbes reported on Sunday. Musk's wealth surged by $70 billion in just 20 days —a figure exceeding the annual GDP of several nations.
This meteoric rise is attributed to several key developments. Tesla shares climbed 3.8%, reaching a three-and-a-half-year high of $352.56 per share.
The Wall Street Journal reported that Musk's artificial intelligence company, xAI, has reached a valuation of $50 billion, with Musk holding a 60% stake.
Another major factor contributing to Musk's wealth increase is U.S. President-elect Donald Trump's election victory. Musk, who donated hundreds of millions to Trump's campaign, is expected to be appointed chair of the "Department of Government Efficiency" (DOGE), a role aimed at reducing bureaucracy in U.S. agencies.
Wall Street analysts predict Tesla will benefit significantly from regulatory relief under a Trump administration, particularly regarding its autonomous vehicle programs.
Musk’s net worth is projected to rise even further with an upcoming investment round in SpaceX, which could raise the company's valuation to $250 billion. The gap between Musk and Larry Ellison, the world's second-richest individual, currently stands at more than $80 billion.
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Musk's primary sources of wealth include 13% of Tesla shares (valued at $145 billion), 42% of SpaceX (worth $88 billion), and stakes in other companies such as X (formerly Twitter) and Neuralink. He also holds an additional 9% stake in Tesla, which is currently under legal appeal in a Delaware court.