Sat Nov 23 08:37:48 UTC 2024: ## Musk Officially Becomes History’s Richest Person, Net Worth Soars to $347.8 Billion
**New York, NY** – Elon Musk has officially claimed the title of history’s wealthiest person, surpassing all previous records with a staggering net worth of $347.8 billion, according to CNN. This dramatic increase follows a significant surge in Tesla’s stock price, fueled by investor optimism surrounding President-elect Donald Trump’s pro-business agenda.
Tesla stock has skyrocketed 40% since the election, culminating in a 3.8% jump on Friday alone, closing at its highest price in over three years. This surge added $7 billion to Musk’s fortune, exceeding his previous peak of $320.3 billion set in 2021.
Musk’s close relationship with Trump, including a substantial campaign donation and appointment to a key government role, has significantly boosted investor confidence. Analysts believe the incoming administration’s anticipated deregulation will benefit Tesla, particularly its Full Self-Driving technology, which has faced regulatory hurdles.
Beyond Tesla, Musk’s investments in SpaceX and xAI have further contributed to his massive wealth. His stakes in these companies – a 42% share in the $210 billion-valued SpaceX and a 60% stake in the $50 billion-valued xAI – account for a significant portion of his net worth. An upcoming SpaceX funding round could potentially increase the company’s valuation and add billions more to Musk’s fortune.
Despite his record-breaking wealth, Musk’s net worth still lags behind his personal all-time high in 2021, with Tesla shares currently trading 14% below their peak. This contrasts with the 27% increase in the broader S&P 500 index since that time. Currently, Larry Ellison holds the second spot with a net worth of $235 billion, trailing Musk by a considerable $80 billion.
First Piper 