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ANGELA WEISS / AFP
- Elon Musk is on the verge of achieving a new personal wealth milestone following a surge in Tesla’s stock post-election.
- This year, the CEO of Tesla and SpaceX has seen his fortune increase by $105 billion, driven by a 41% rise in Tesla shares.
- Musk’s net worth reached approximately $342 billion during premarket trading on Tuesday, surpassing his previous peak from 2021.
Elon Musk is nearing the possibility of setting a new record for his wealth due to an impressive rally in Tesla stocks following the recent election results.
The world’s richest individual experienced an increase of nearly $21 billion on Monday as Tesla shares surged by 9%, elevating his net worth to around $335 billion according to the Bloomberg Billionaires Index.
On Tuesday morning, Tesla stocks initially climbed by 2.6% during premarket trading but later reversed course and fell by 4%. This fluctuation briefly raised Musk’s estimated wealth to about $342 billion, exceeding his previous high of $340.4 billion recorded in 2021.
This year alone, the combined value of Musk’s assets has skyrocketed by an extraordinary $105 billion, placing him over $100 billion ahead of Jeff Bezos—Amazon’s founder—who currently holds a net worth of approximately $228 billion.
The surge in Tesla stock can be attributed to Donald Trump’s victory in the U.S. presidential election; it closed at around $350 on Monday as investors speculated that Musk’s close relationship with Trump would benefit the electric vehicle manufacturer.
Mark Malek, Chief Investment Officer at Siebert Financial Corp., noted that “the stock appears to have received some premium due to Musk’s prominent involvement with Trump’s campaign,” as reported by Business Insider (BI).
Musk has publicly endorsed Trump via social media platform X and reportedly contributed around $200 million through his super PAC aimed at supporting Trump’s return to office, according to The Associated Press.
Trump has even hinted that he might appoint Musk to lead a government efficiency commission focused on reducing costs and streamlining operations within federal agencies.
Tesla shares have risen significantly this year—up 41% as per Monday’s closing figures—but they still remain below their all-time high closing price of $410 from November 4th, 2021. The company’s market capitalization now exceeds an impressive valuation of over $1.1 trillion, making it more valuable than Berkshire Hathaway—a conglomerate led by Warren Buffett valued at roughly one trillion dollars.
Musk’s approximate stake of 13% in Tesla has greatly increased its value alongside these developments. With a current net worth estimated at around $335 billion, he is now very close to Netflix’s market value which stands at about $344 billion while comfortably outstripping Salesforce which is valued at approximately $327 billion.
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