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With Tesla’s post-election surge, Elon Musk is poised to break his own wealth record.
As Tesla shares climbed 9% on Monday, the world’s richest person’s net worth jumped by around $21 billion, reaching $335 billion, according to the Bloomberg Billionaires Index.
In premarket trading on Tuesday, Tesla shares surged as much as 2.6% before reversing course and dropping 4%.
According to Business Insider, their initial gain swiftly boosted Musk’s on-paper wealth to over $342 billion, surpassing his previous peak of $340.4 billion in 2021.
With an extraordinary $105 billion increase in net worth this year, the CEO of SpaceX and Tesla is now more than $100 billion richer than Jeff Bezos, the founder of Amazon, who is valued at $228 billion.
Since Donald Trump won the US presidential election, Tesla’s stock has increased, closing Monday at $350 as investors hoped the electric vehicle manufacturer would benefit from Musk’s close ties to the president-elect.
“Some sort of premium has been placed on the stock as a result of Musk’s very public involvement in Trump’s campaign,” Mark Malek, the chief investment officer at Siebert, previously told BI.
The tech tycoon reportedly backed Trump on X, and his super PAC reportedly spent $200 million to help the former president win reelection, according to the Associated Press.
Musk has been suggested by Trump to head a government efficiency group that aims to cut back on federal spending and red tape.
Tesla’s stock was up 41% year-over-year at the closing of Monday, but it was still far from its peak of $410 on November 4, 2021. The market value of the carmaker has increased to over $1.1 trillion, exceeding that of Berkshire Hathaway, the $1 trillion conglomerate owned by Warren Buffett.
As a result, Musk’s roughly 13% stake in the business is now worth more. His personal wealth, at $335 billion, is easily greater than Salesforce’s $327 billion and on pace with Netflix’s $344 billion market valuation.
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