Elon Musk’s net worth surpasses USD300 billion for first time in almost three years
Date
11/10/2024 6:55:50 AM
(MENAFN) Elon Musk’s net worth has surpassed USD300 billion for the first time in almost three years, driven by a significant surge in Tesla’s stock price. This boost is partly fueled by speculation that his strong relationship with President-elect Donald Trump could benefit the company.
Since Trump’s election win, Musk has seen the largest increase in wealth among those tracked by the Bloomberg Billionaires Index. Tesla’s stock has jumped 28 percent since Tuesday, adding USD50 billion to Musk’s fortune, which now stands at USD313.7 billion.
Trump has publicly suggested policies that would support Musk’s business ventures, including slowing the shift to electric vehicles, which aligns with Tesla’s goals. He has also expressed backing for Musk’s aerospace company, SpaceX, which contributes USD82 billion to Musk’s wealth, and its Mars ambitions. Furthermore, Trump has hinted at the possibility of Musk taking on a role as an efficiency officer in his administration.
Wedbush Securities analyst Dan Ives called Musk’s decision to align with Trump one of his best strategic moves. Musk’s active support for Trump, including funding initiatives like a million-dollar voter lottery in swing states, cemented his status as a key ally.
At 53 years old, Musk is the only individual with a net worth exceeding USD300 billion, a milestone he last reached in January 2022. However, his fortune is still below its peak of USD340.4 billion in 2021. Musk's wealth was also bolstered by Tesla’s strong quarterly earnings in mid-October, which added USD34 billion to his net worth in a single day.
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