Elon Musk’s net worth reaches new heights

The Key Takeaways

• Bloomberg reports that Elon M Musk, CEO of Tesla Motors, is expected to be the wealthiest person on the planet by the end of 2024. His estimated net worth will exceed $400 billion.
• Musk was the first to achieve a net worth of $400 billion.
• The bulk of Musk's net worth comes from his stakes in Tesla, SpaceX, social media platform X, and artificial intelligence company xAI.
• Musk holds a 13 percent stake in Tesla valued at more than 100 billion dollars. His net worth has increased by 66% following Donald Trump's reelection as president, per Bloomberg.

Bloomberg reports that Elon Musk, the CEO of Tesla Motors Inc. is now the richest man in the world. He has a net-worth of more than $400 billion. Bloomberg Billionaires Index has estimated that his net wealth is around $442 Billion as at this date.

Musk’s wealth is driven mainly by his investments in Tesla, and the privately-held rocket and satellite manufacturer SpaceX. Tesla’s share price has risen by nearly 70 percent in 2024. Its value is also up since the elections. Bloomberg reports that an insider’s share sale in SpaceX, which took place December 20, 2024, increased Musk’s wealth by $50 billion.

Bloomberg reports that Musk’s wealth has grown by 77% following Trump’s November re-election. Forbes reports that Musk is a vocal supporter of Trump. He has joined him in the campaign and become Trump’s 2nd largest donor, putting an additional $118 million to America PAC (which Musk founded). Musk was appointed as co-lead of President-elect Trump’s new Department of Government Efficiency, alongside former Republican presidential candidate, Vivek Ramaswamy.

Forbes and Bloomberg report that Musk, the richest man in the world is followed by Jeff Bezos from Amazon.com and Larry Ellison of Oracle.

Here's how the Tesla CEO made his billions.

Tesla

Tesla is the biggest car manufacturer in the world. It designs and builds fully electric cars and makes products for energy production and storage, such as solar panels and solar roof tiles. Sedans, midsize SUVs, and the CyberTruck are among its vehicles.

Tesla Motors, founded by Martin Eberhard in 2003 and Marc Tarpenning as Tesla Motors. Musk was an investor in the company, and a board member since 2004. He was appointed CEO in 2008.

Musk is allowed to use the title cofounder as a result of an out-of court settlement. Tesla’s initial public offer (IPO) was made on June 29th, 2010. Tesla’s headquarters will be moving from Palo Alto to Austin in Texas by 2021. Tesla revealed its first Cybertruck in Texas, built by its factory, on July 20, 2023. The original timeline was almost two-years behind.

Musk holds a 13 percent stake in Tesla valued at more than 100 billion dollars. Tesla’s third-quarter 2024 earnings were the highest in over a decade. In October, Tesla posted a net profit of $2.17 billion, its best quarterly results for more than a full year. The electric vehicle maker projected that sales would grow by 30% in 2025.

SpaceX

Musk is the CEO and cofounder of SpaceX. This rocket manufacturer counts NASA among its clients and supplies the International Space Station.

Bloomberg reported that SpaceX, the largest startup company in the world at the time of its $350 Billion valuation in December 2024 following an insider stock sale.

Musk has 42% ownership of SpaceX. SpaceX has been in business since 2002 and has had over four million Starlink customers.

X

Musk acquired Twitter in April of 2022 after making threats to takeover the company. The price was $44 billion. After Musk sued Twitter for trying to pull out of the agreement, the deal was completed in October 2022.

He has made his takeover controversial by laying off a lot of employees and adding a monthly subscription ($8 for those who want their accounts verified). Musk holds 79% or so of X. Musk rebranded Twitter to X in July 2023. The blue bird logo was replaced with the letter.

Forbes reports that Fidelity believes X to be worth $9.4 Billion, according the disclosures of Fidelity’s investment firm released in September 2024. Fidelity's stake in X is now worth about $4.19 million, down about 79% before Musk bought X.

xAI

Musk established artificial intelligence company xAI, in 2023. The Wall Street Journal reports that xAI has been in discussions with investors since October 2024 about a round of funding which would put the value of the company around $40 billion. Forbes states that Musk holds about 60% ownership of xAI. Musk is leading the team of xAI along with other former employees from OpenAI and DeepMind as well as Google Research and Microsoft Research.

Boring Company

Musk founded The Boring Company in order to build tunnels. “solve traffic” Building tunnels is a great way to save energy. A release stated that the company had raised $675 million by April 2022, at an estimated valuation of $5.7 billion.

Neuralink

Musk co-founded a company called Neuralink which designed a "brain-computer interface," a chip that can be implanted into the brain and would allow users to control their computers and mobile devices with their thoughts.

According to the company's website, Neuralink is working to help those with quadriplegia, a symptom of paralysis that affects a person's limbs and body from the neck down, with the ability to control their devices with their thoughts.

Reuters estimated that the value of this company is around $8 billion. The first human trials were conducted in January, 2024.

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