Elon Musk, the world’s richest person, continues to shatter records as his net worth climbs to $447 billion.
The extraordinary milestone shows Musk’s dominance in the global wealth rankings, fueled by the success of his myriad ventures spanning electric vehicles, space exploration, artificial intelligence, and tunnelling technologies.
The latest rise in Musk’s wealth—up $62.8 billion in 2024 alone(Bloomberg)—can be attributed to the soaring valuation of SpaceX, his privately held aerospace company.
Recent reports revealed that SpaceX is now valued at $350 billion following a secondary share sale. This financial milestone comes as Tesla, Musk’s electric vehicle juggernaut, reached record highs on the stock market.
Tesla had been below its previous record for much longer. Shares of the electric vehicle maker jumped almost 6% on Wednesday to $424.77, climbing above their prior closing high of $409.97 on Nov. 4, 2021.
The stock has soared 69% since Donald Trump’s election victory last month, on Wall Street’s optimism that Tesla CEO Elon Musk’s cosy relationship with the incoming president will pay dividends.
What we know
Musk’s wealth has skyrocketed amid shifting political winds in the United States. His close ties with President-elect Donald Trump have placed his ventures in the political spotlight.
- Musk has been appointed, alongside entrepreneur Vivek Ramaswamy, to lead the newly formed Department of Government Efficiency (DOGE), an entity aimed at streamlining federal operations.
- The political alliance has spurred investor confidence, particularly in Tesla, which stands to benefit from potential deregulation under the incoming administration.
- SpaceX, another cornerstone of Musk’s empire, continues to dominate headlines with its audacious technological feats.
- In November 2024, Musk hosted President Trump and lawmakers in Texas for the sixth test flight of Starship, the world’s most powerful rocket. The event highlighted SpaceX’s pivotal role in advancing space exploration and drew further attention to Musk’s sprawling business empire.
- Musk’s net worth reflects broader economic trends, including the tech sector’s outsized influence on global wealth creation.
- His vast fortune now eclipses the GDP of several nations, including Nigeria, which reported a GDP of $362.81 billion in 2023. This comparison shows the growing chasm between individual wealth and national economies.
- While Musk’s success has earned admiration, it has also sparked debates about wealth inequality and the concentration of economic power.
Critics argue that such vast personal fortunes raise ethical questions, particularly as millions worldwide grapple with economic instability.
As Musk’s net worth inches toward the half-trillion mark, his influence—both financial and political—continues to reshape global narratives.
Whether steering Tesla to new technological heights, envisioning humanity’s interplanetary future through SpaceX, or disrupting conventional industries with Neuralink and the Boring Company, Musk remains a central figure in the 21st century’s economic and technological revolutions.