Nov 23, 2024 14:07 pm IST Published On Elon Musk's close ties with Trump have fuelled investor confidence. Elon Musk is officially the wealthiest person in history with a net worth of $347.8 billion, according to the CNN. The dramatic rise follows a rally in Tesla stock, driven by Wall Street optimism about the pro-business stance of US President-elect Donald Trump, a close ally of the billionaire. Tesla's stock has surged 40 per cent since Election Day, climbing 3.8 per cent on Friday alone to close at $352.56 – its highest price in over three years. This added $7 billion to Mr Musk's fortune, pushing his net worth past the previous high of $320.3 billion – set during Tesla's pandemic-era surge in November 2021. Elon Musk's close ties with Trump have fuelled investor confidence. After endorsing Trump earlier this year, Mr Musk donated over $100 million to his campaign. He has been appointed chair of the new “Department of Government Efficiency” (DOGE), where he will work alongside biotech entrepreneur Vivek Ramaswamy. Wall Street analysts view the incoming administration's anticipated deregulation efforts as a significant advantage for Tesla, particularly for its Full Self-Driving initiatives, which have faced regulatory scrutiny. Beyond Tesla, Mr Musk's ventures in artificial intelligence and aerospace have further expanded his wealth. His 60 per cent stake in xAI, a private AI firm valued at $50 billion, added $13 billion to his fortune. Meanwhile, his 42 per cent stake in SpaceX, valued at $210 billion in a June tender offer, contributed $88 billion. Speculation around SpaceX's upcoming funding round, which could value the company at $250 billion, suggests Mr Musk's net worth might climb even higher, potentially adding $18 billion to his fortune. Mr Musk's current net worth puts him $80 billion ahead of Larry Ellison, Oracle's chairman, who holds the title of the world's second-richest individual with $235 billion. Most of Mr Musk's wealth stems from his 13% stake in Tesla, currently valued at $145 billion and his pending 9 per cent equity award in the company. However, despite his historic fortune, Tesla shares remain about 14 per cent below their all-time high from late 2021. Meanwhile, the broader S&P 500 index has risen 27 per cent since then. Show full article