by Key Takeaways
- Elon Musk’s personal wealth record is about to be broken.
- Musk’s wealth increased by around $21 billion on Monday.
- This year, the wealthiest man in the world has gained $105 billion.
Due to a notable increase in Tesla’s stock price, Elon Musk is about to surpass his personal wealth record.
According to Bloomberg’s Billionaires Index, the richest person in the world increased his wealth by around $21 billion on Monday, boosting his total net worth to about $335 billion, following a post-election boom.
Following a 9% increase on Monday, Tesla’s stock had a brief 2.6% surge in premarket trade on Tuesday before plunging 4% lower. Musk’s net worth briefly surpassed his previous peak of $340.4 billion set in 2021 as a result of this first increase, reaching an estimated $342 billion.
This year, the CEO of SpaceX and Tesla has seen his net worth surge by an incredible $105 billion, surpassing by more than $100 billion the fortune of Jeff Bezos, the founder of Amazon, who has $228 billion.
Given that Musk openly backed Trump during the campaign and made significant investments in his reelection—spending an estimated $200 million through his superPAC—investors are upbeat about Tesla’s chances under a Trump administration.
Mark Malek, CIO at Siebert, is one market expert who believes that Musk’s overt involvement in Trump’s campaign is the reason behind Tesla’s recent price premium.
Although up 41% for the year, Tesla’s stock finished Monday at $350, below its peak of $410 in November 2021. Tesla currently competes with Berkshire Hathaway, owned by Warren Buffett, with a market valuation of over $1.1 trillion. Due to his 13% ownership of Tesla, Musk’s wealth has surpassed Salesforce’s $327 billion valuation and is now almost equal to Netflix’s $344 billion market value.
