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Elon Musk Breaks All Records and Becomes The Richest Man In History With $334 Billion In Forbes Ranking

Published on 23/11/2024 at 10:00
Updated on 23/11/2024 at 10:05
Elon Musk
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With a Fortune Valued at $334 Billion, Elon Musk Reaches the Top of Financial History, Breaking All Records in the Forbes Ranking.

Elon Musk has reached a new milestone in his financial success journey. According to calculations by Forbes, the entrepreneur and CEO of Tesla has become the richest person in history, with a net worth of an impressive $321.7 billion.

This growth was fueled by the appreciation of Tesla’s shares following Donald Trump’s victory in the elections, a Musk ally. The electric vehicle company, led by Musk, saw its shares rise 3.8%, reaching a new closing record after 3.5 years.

This increase of $7 billion reflects a rise that has already surpassed the previous historic mark of $320.3 billion recorded in November 2021, during the pandemic peak and Tesla’s growth.

But it didn’t stop there. His artificial intelligence company, xAI, also experienced a significant increase, with its valuation reaching $50 billion. This made Musk even richer, extending his fortune to $334.3 billion, as he owns 60% of xAI.

The recent appreciation of Tesla’s shares, coupled with the growth of his AI company, is the main factor that led Musk to reclaim the title of the richest person of all time, surpassing the record he himself had set in 2021.

The majority of Musk’s fortune comes from his 13% stake in Tesla, estimated at $145 billion, and his 42% stake in SpaceX, valued at $210 billion.

Musk’s Ascent: $70 Billion More After the Elections

Since Election Day, Musk’s fortune has grown an impressive $70 billion, mainly due to a 40% rise in Tesla’s shares. Wall Street seems to trust that the new administration, under Trump’s presidency, will be more friendly to the company, especially regarding Tesla’s autonomous vehicles.

This increase happened quickly, as Elon Musk, who had a fortune of under $200 billion just six months ago, is now more than $80 billion richer than the next billionaire on the list, Larry Ellison, president of Oracle, with $235 billion.

Moreover, Musk’s SpaceX, which also contributes significantly to his fortune, continues to have great prospects. The space exploration company is expected to begin a new round of investments next month, which could raise its value to over $250 billion. If this happens, Musk could see an increase of more than $18 billion in his net worth.

Musk and His Connection with Trump: Market Implications

The rise of Elon Musk is not only related to the success of his companies but also to his relationship with politics. In July, the entrepreneur endorsed Donald Trump, donating over $100 million to his electoral efforts. Since then, Elon Musk has become part of the president’s close circle, being referred to as “first buddy” by Trump in his posts. Additionally, Musk was appointed to lead the newly created “Department of Government Efficiency,” alongside other billionaires, such as Vivek Ramaswamy.

Therefore, it is not surprising that Wall Street analysts see a Trump presidency as good news for Tesla. Many believe that a more favorable administration for the automotive industry, with less regulation and greater focus on autonomous vehicles, could be beneficial for Tesla’s future and, consequently, for Musk’s fortune.

Opportunities in the Stock Market of Elon Musk’s Tesla

Despite the significant growth, Tesla’s shares are still approximately 14% below their record value from 2021. At that time, the shares reached a historic peak, and the S&P 500 performed impressively, rising 27%.

This means that, although Tesla remains one of the main assets in Musk’s portfolio, there is still considerable room for the company’s shares to appreciate even further, especially if the market proves to be more favorable in the coming months.

Elon Musk continues to challenge expectations and achieve historical records in his career. His fortune, now valued at over $330 billion, reflects not only the success of his companies like Tesla and SpaceX but also a unique ability to navigate effectively through politics and financial markets. With an increasingly consolidated position, Musk is set to reach new heights of wealth, and the world will continue to watch his ascent to see how far he can go.

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Fabio Lucas Carvalho

Jornalista especializado em uma ampla variedade de temas, como carros, tecnologia, política, indústria naval, geopolítica, energia renovável e economia. Atuo desde 2015 com publicações de destaque em grandes portais de notícias. Minha formação em Gestão em Tecnologia da Informação pela Faculdade de Petrolina (Facape) agrega uma perspectiva técnica única às minhas análises e reportagens. Com mais de 10 mil artigos publicados em veículos de renome, busco sempre trazer informações detalhadas e percepções relevantes para o leitor.

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