Elon Musk, world's richest person just got richer; his net worth shoots up $70 billion after Trump's election win

Elon Musk has now officially become the wealthiest person in history with a net worth of $334.2 billion. As per a report in Forbes, this mammoth rise follows a huge upsurge in Tesla stock, which in itself is a result of Wall Street optimism about US President-elect Donald Trump’s pro-business stance.

Elon Musk’s net worth reached a record $321.7 billion at market close on Friday, marking a $7 billion increase as Tesla’s stock rose 3.8 per cent, reaching a new 3.5-year closing high of $352.56 per share. This surpasses his previous peak of $320.3 billion on November 5, 2021, during Tesla’s pandemic-era boom.

Musk’s wealth grew even further with the rising valuation of his generative AI company, xAI, now worth $50 billion, according to The Wall Street Journal. Since Musk owns 60 per cent of xAI, this boosted his fortune by an additional $13 billion, bringing his total to $334.3 billion.

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As a result, Musk once again holds the title for the largest fortune ever tracked by Forbes, surpassing the record he set in 2021. His wealth has grown by about $70 billion since Election Day, driven by a 40 per cent surge in Tesla shares, as investors anticipate a more favorable regulatory environment for the company under a potential Trump administration, particularly regarding self-driving vehicles.

After Musk endorsed Trump earlier this year and donated $100 million to his campaign, he has been appointed by the US President-elect as the chair of the new “Department of Government Efficiency” (DOGE), where he will work alongside biotech entrepreneur Vivek Ramaswamy. Reports suggest that Wall Street analysts view this as a significant advantage for Tesla and Full Self-driving inititatives which have faced stringent regulatory scrutiny.

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Forbes has revealed that with the new valuation, Musk is $80 billion richer than the next wealthiest person Larry Ellison at $235 billion. While much of Musk’s fortune comes fm Tesla and SpaceX, holds less valuable stakes in his other companies including human brain implant company Neuralink and X, the social media company formerly known as Twitter.