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Musk’s Net Worth Soars Past $500 Billion Again as Tesla Rides U.S.-China Trade Optimism
SAN FRANCISCO, CA – Elon Musk’s fortune has once again surpassed the $500 billion mark, driven by a recent surge in Tesla’s stock price. Shares of the electric vehicle maker have climbed amid growing optimism surrounding U.S.-China trade negotiations, a key market for Tesla.
Tesla shares jumped 2.2% on Tuesday, following a 4.3% gain on Monday, reaching approximately $462.50. The positive momentum follows comments from U.S. officials suggesting a potential trade deal with China is likely before a meeting between President Trump and President Xi Jinping. The optimism, sparked by positive statements from Treasury Secretary Scott Bessent, has also propelled broader market gains, with the Dow Jones Industrial Average and S&P 500 reaching record highs.
China represents over one-fifth of Tesla’s sales, with 2024 sales in the region rising 8.8% to a record high of more than 657,000 vehicles.
Musk, who holds approximately 12% equity in Tesla, saw his net worth increase by $6.6 billion (1.3%) on Tuesday, bringing his total wealth to an estimated $501.7 billion. Earlier this month, Musk became the first person ever to be worth $500 billion, and there are discussions about he could be the world’s first trillionaire should Tesla shareholders approve Musk’s $1 trillion pay package.
However, the proposed pay package faces opposition. Proxy advisory firms like Glass Lewis and Institutional Shareholder Services have recommended against the plan. Tesla Chair Robyn Denholm warned shareholders in a letter that rejecting the package could prompt Musk to leave the company, potentially causing a significant drop in Tesla’s value.
Musk first became the world’s richest person in May 2024, surpassing LVMH CEO Bernard Arnault. While Oracle Chair Larry Ellison briefly closed the gap last month, Musk remains firmly in the lead.
Despite recent earnings falling slightly below Wall Street estimates at $0.50 per share compared to estimates of $0.56, Tesla reported record vehicle deliveries in its latest quarter, boosting revenues above $28 billion, though sales did decline in Europe. The surge in sales has been partially attributed to the expiration of a federal tax credit for electric vehicle purchases, a factor Musk had previously cautioned could impact future performance.
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