November 23, 2024 2:39 pm Asia/KolkataIST, Updated 3 hours ago Elon Musk has officially claimed the title of the richest person in history, with a staggering net worth of $334.3 billion, according to Forbes. This milestone follows a surge in Tesla’s stock, spurred by investor optimism linked to the pro-business stance of US President-elect Donald Trump, a close associate of Musk. Elon Musk Tesla’s Stock Surge Since Election Day, Tesla’s stock has soared by 40%, closing at $352.56 on Friday—its highest in over three years. This latest 3.8% rise in stock value added $7 billion to Musk’s fortune, surpassing the previous wealth record of $320.3 billion set during Tesla’s peak in November 2021. Elon Musk’s Relationship with President-elect Trump Investor confidence in Musk has been bolstered by his strong ties with Trump. Earlier this year, Musk publicly endorsed Trump and contributed over $100 million to his presidential campaign. Additionally, Musk has been appointed chair of the newly created “Department of Government Efficiency” (DOGE), where he will collaborate with biotech entrepreneur Vivek Ramaswamy. The anticipated deregulation under the new administration is expected to benefit Tesla significantly, particularly in advancing its Full Self-Driving (FSD) program, which has previously faced regulatory challenges. Elon Musk’s Contributions from AI and Space Ventures Elon Musk’s wealth extends beyond Tesla, with his ventures in artificial intelligence and aerospace playing pivotal roles. His 60% ownership of xAI, a private AI company valued at $50 billion, has added $13 billion to his net worth. Moreover, his 42% stake in SpaceX, valued at $210 billion during a recent tender, has contributed $88 billion. Speculation surrounding a potential new funding round for SpaceX, which could value the company at $250 billion, indicates Musk’s fortune might grow further, potentially by an additional $18 billion. Wealth Comparison Musk’s current net worth places him $80 billion ahead of Oracle Chairman Larry Ellison, who is the second-richest person globally with $235 billion. A significant portion of Musk’s fortune comes from his 13% stake in Tesla, valued at $145 billion, and a pending 9% equity award in the company. Despite Musk’s record-breaking wealth, Tesla shares are still about 14% below their all-time high in late 2021. In contrast, the broader S&P 500 index has risen by 27% over the same period, reflecting a more diversified market recovery. Elon Musk, the dynamic CEO of Tesla and SpaceX, could become the world’s first trillionaire by 2027, according to a report by Informa Connect Academy. With a current net worth of $237 billion, Musk would need to sustain an average annual growth rate of 110% to achieve this milestone, the report states. Gautam Adani Expected to Become A Trillionaire in 2028 Indian industrialist Gautam Adani, ranked 13th on the global billionaire index with an estimated net worth of just under $100 billion, is projected to be the second individual to achieve trillionaire status by 2028. Adani’s diverse business empire, spanning ports to power, has been growing at an impressive average annual rate of 123%. Mukesh Ambani’s Trillionaire Potential in 2033 Asia’s richest individual, Mukesh Ambani, currently worth $111 billion, is expected to reach trillionaire status by 2033. Ambani’s conglomerate, Reliance Industries Limited (RIL), which operates across oil, telecommunications, and retail sectors, is projected to achieve a trillion-dollar market capitalization by 2035. It is the only Indian firm expected to reach this valuation.