Elon Musk’s Wealth Soars To New Heights with $57 Billion Post-Election Surge

By -

 Elon Musk is officially the richest he’s ever been (and the wealthiest person ever), according to Forbes’ calculations, as the planet’s richest person grew much richer as shares of the Musk-led publicly traded electric vehicle company Tesla soared after the election win of Musk’s close ally Donald Trump.


Musk’s net worth was a record $321.7 billion at market close Friday, getting a $7 billion boost as Tesla stock climbed 3.8% to a new 3.5-year closing high of $352.56 per share.

That eclipses the previous high water mark of $320.3 billion set Nov. 5, 2021 amid Tesla’s pandemic era surge.

Musk is again owner of the largest fortune ever tracked by Forbes, topping the record he set in 2021.

Musk’s fortune is now $57 billion larger than it was on Election Day as Tesla shares surged 40% as Wall Street bought into what should be a more friendly regulatory environment under Trump for Tesla, especially for its self-driving vehicles.

Musk, who was worth less than $200 billion just six months ago, is now more than $80 billion richer than the next wealthiest person, his friend and Oracle chairman Larry Ellison at $235 billion. Much of Musk’s fortune comes from his 13% stake in Tesla worth $145 billion, with another 9% equity award in the company pending an appeal in Delaware court (Forbes discounts the value of the award by 50% in its valuation of Musk). The other primary source of Musk’s fortune is his 42% stake in SpaceX, which was valued at $210 billion in a June tender offer, putting Musk’s stake in the private aerospace and satellite communications company at $88 billion. Musk holds less valuable stakes in his other companies including human brain implant company Neuralink and X, the social media company formerly known as Twitter.


How Musk Could Soon Get Even Richer

After endorsing Trump in July, Musk donated more than $100 million to Trump’s election efforts and quickly became part of the president-elect’s inner circle, describing himself as Trump’s “first buddy” in a recent X post. Trump’s unofficial “secretary of cost-cutting,” Musk will chair the newly commissioned “Department of Government Efficiency” alongside fellow billionaire Vivek Ramaswamy. Perhaps no surprise considering the stock’s ascent since the election, Wall Street analysts covering Tesla largely view a Trump presidency as a boon for the automaker due mostly to the prospect of fewer regulations for the company’s controversial Full Self-Driving programs.

Musk also owns an estimated 60% of xAI, which he founded in 2023, which private investors valued at $24 billion in May. On Wednesday, The Wall Street Journal reported the generative artificial intelligence company raised another $5 billion at a $50 billion valuation. If true, that would raise Musk's net worth by another $13 billion. Forbes hasn't yet been able to confirm the transaction, and this $13 billion boost is not incorporated into Musk’s net worth. Musk’s net worth could also get a more than $15 billion bump from SpaceX, which is set to initiate a tender offer round next month valuing the company at more than $250 billion, multiple outlets reported.

Tesla shares still trade about 14% below their all-time high set in late 2021, at Musk’s prior net worth apex, a time in which the S&P 500 has advanced 27%.

Comments

Post a Comment

Popular posts from this blog

Characters In BBC’s Documentary On TB Joshua Unknown To Us – Synagogue Church

By -
Image
  The Synagogue Church of all Nations (SCOAN) has countered the BBC documentary on the late Temitope Babatunde Joshua, known as TB Joshua, founder of SCOAN. SCOAN described the documentary against TB Joshua as unfounded, and that the characters interviewed in the report were unknown to the church. The church, in a statement signed by its Public Affairs Director, Mr Dare Adejumo, said the statement was aimed at disabusing public minds from the report. The News Agency of Nigeria (NAN) recalls that the BBC released a highly controversial and damning documentary on the late TB Joshua on Monday, accusing him of various crimes, including rape, against some members. SCOAN said, “BBC World Services investigative unit, code-named Africa Eye, came out this week with weird and strange episodes of atrocities against the late founder of SCOAN.” It said that to investigate and publish or broadcast reports was a central kernel of journalism, but to do so outside the ethics and fundamental principles
Read more

NBA Suspends Canada’s Joshua Primo For 4 Games For Exposing Himself To Women

By -
Image
  The NBA has suspended former San Antonio Spurs guard  Joshua Primo   for four games   ... after it says it found he exposed his private parts to multiple women. The league announced the ban on Friday morning ... saying an investigation into the free agent revealed he had "engaged in inappropriate and offensive behavior." NBA officials called his actions "conduct detrimental to the league." They did, however, note that they "did not find evidence that he engaged in any sexual or other misconduct apart from these brief exposures." "Primo maintains that his conduct was not intentional," the league said. Dr. Hillary Cauthen , Primo's former therapist, was the first to  bring the allegations  against Primo to light after she claimed last fall that he exposed himself to her on nine separate occasions. Dr. Cauthen's attorney,  Tony Buzbee , alleged the Spurs were aware of Primo's actions, but didn't take action. Cauthen went on to file
Read more

Sky Sports' On-Air Mix-Up: Chelsea Players Mistakenly Introduced as Axel Disasi Instead of Noni Madueke in Carabao Cup Semifinal

By -
Image
 Sky Sports were left red-faced after an on-screen graphic mistakenly introduced Chelsea defender Axel Disasi as Noni Madueke on Tuesday night. The pair were both the scoresheet as the Blues thrashed Middlesbrough 6-1 at Stamford Bridge in the second leg of the Carabao Cup semi-final to boo their place at Wembley. But when Disasi spoke to Sky Sports after the game, an on-screen graphic introduced him as Madueke instead. Madueke is four years younger than his Chelsea teammate, plays in a different role and is English, while Disasi is French. Viewers immediately spotted the mistake and took to social media to flag up the glaring error.  Sky Sports with a huge mistake as that is Axel Disasi, not Noni Madueke,' another added, while a third described the gaffe as a 'howler'. A fourth commented: 'Sky sports calling Disasi Madueke. They’ve done it again.' Disasi scored Chelsea's third goal in the 6-1 rout, converting Raheem Sterling's cross at the far post after th
Read more