Elon Musk's net worth has reached $474 billion, marking a historic high as he leads the list of billionaires with the most significant asset increases globally in 2024.
The South African-born entrepreneur serves as CEO of SpaceX and Tesla and owns the social media platform X, formerly known as Twitter.
According to Forbes, Musk became the first individual to surpass the $400 billion mark. His wealth increased by $245 billion from 2023, largely due to a $1.25 billion internal share buyback agreement with SpaceX investors, which valued the company at approximately $350 billion.
Musk holds a 42% stake in SpaceX, valued at $88 billion as of June, when the company was appraised at $210 billion. Additionally, his 13% stake in Tesla is worth $145 billion, alongside unexercised warrants equivalent to a 9% stake currently entangled in a legal dispute.
Bloomberg Billionaires Index indicates Musk's wealth surpasses that of the second richest person, Amazon founder Jeff Bezos, by $140 billion, solidifying his position among the world's wealthiest.
Beyond business, Musk's influence extends to politics as a prominent supporter of President Donald Trump, contributing $270 million to his campaign. Since Trump's re-election in November, Musk's net worth has surged by 77%, with Tesla's stock climbing 40% and the valuation of AI company xAI doubling.
Trump's return to the White House is viewed as beneficial for Tesla, with expectations of relaxed regulations for electric vehicles. Trump has promised to eliminate the $7,500 electric vehicle tax credit, a move Musk has endorsed.
With his vast wealth and growing influence, Musk remains a significant figure in both technology and global economic spheres.