Elon Musk is on the verge of shattering his personal wealth record following Tesla’s post-election rise.
According to the Bloomberg Billionaires Index, the world’s richest person’s net worth increased by about $21 billion on Monday as Tesla shares rose 9%, bringing it to $335 billion.
Tesla shares jumped as much as 2.6% in premarket trade on Tuesday before reversing and falling 4%.
Their initial rise quickly increased Musk’s on-paper fortune to around $342 billion, according to Business Insider, exceeding his previous high of $340.4 billion in 2021.
The Tesla and SpaceX CEO’s net worth has risen by an unprecedented $105 billion this year, placing him more than $100 billion ahead of the runner-up on the wealthy list, Amazon founder Jeff Bezos, who is worth $228 billion.
Tesla stock has risen since Donald Trump’s victory in the US presidential election, closing on Monday at $350, as investors bet the electric-vehicle company would gain from Musk’s tight relationship with the president-elect.
Siebert’s chief investment officer, Mark Malek, recently told BI that “some sort of premium has been placed on the stock as a result of Musk’s very public involvement in Trump’s campaign.”
According to the Associated Press, the tech tycoon supported Trump on X, and his super PAC spent an estimated $200 million to re-elect the former president.
Trump has recommended Musk lead a government-efficiency group focused at reducing federal expenditures and bureaucracy.
At Monday’s close, Tesla stock was up 41% year to year, but still a long way from its record level of $410 on November 4, 2021. The automaker’s market valuation has risen to more than $1.1 trillion, surpassing Warren Buffett’s $1 trillion conglomerate, Berkshire Hathaway.
Musk’s approximately 13% ownership in the company has increased in value as a result. At $335 billion, his personal fortune is comparable to Netflix’s $344 billion market value — and comfortably exceeds Salesforce’s $327 billion.
