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.
US President-elect Doland Trump thanking Musk
(Video: Fox News)
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.