Elon Musk, the world’s richest person, has set yet another extraordinary milestone in his already impressive career, as his net worth has soared to an unprecedented $447 billion..
In 2024 alone, Musk’s fortune has increased by a staggering $62.8 billion, fueled in large part by the soaring valuation of SpaceX, his privately held aerospace company.
Recent reports indicate that SpaceX is now valued at $350 billion, a figure propelled by a secondary share sale that has sent shockwaves through the investment world.
Musk’s electric vehicle company, Tesla, also played a pivotal role in this wealth surge. Tesla shares have hit new highs, surpassing previous records set in November 2021.
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On Wednesday, Tesla’s stock surged nearly 6%, reaching a price of $424.77 per share, a significant increase from its prior high of $409.97.
Since the election of President Donald Trump, Tesla’s market performance has been buoyed by investor optimism, driven in part by expectations of potential deregulation under the incoming administration.
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Musk’s financial ascent comes amid shifting political dynamics in the United States, where his close ties to President-elect Trump have placed him in the political spotlight.
Together with entrepreneur Vivek Ramaswamy, Musk has been appointed to lead the newly formed Department of Government Efficiency (DOGE), a government body dedicated to streamlining federal operations.
Beyond Tesla and SpaceX, Musk’s empire includes several high-profile ventures. Neuralink, which is working on brain-computer interfaces, and The Boring Company, which aims to revolutionize transportation with underground tunneling technology, continue to garner significant attention and fuel his wealth.
In a further display of his power and influence, Musk’s SpaceX hosted a major event in November 2024, welcoming President Trump and lawmakers to Texas for the sixth test flight of Starship—the world’s most powerful rocket.
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