Elon Musk’s Wealth Skyrockets—This is His Newest Web Value

Tesla CEO Elon Musk, the richest particular person on this planet as of November 2024, has an estimated internet price of greater than $308 billion, in keeping with Forbes. The Bloomberg Billionaires Index estimates his community at round $335 billion.

Musk’s internet price elevated by about $20 billion on Nov. sixth after shares of EV maker Tesla (TSLA) rose by 12% Wednesday morning following Donald Trump’s reelection as president, in keeping with Forbes. Musk has been vocal in his assist for Trump, Forbes reported, becoming a member of him on the marketing campaign path and changing into Trump’s second largest donor by placing $118 million into America PAC, which Musk created.

It was the second important rise to Musk’s internet price in current works. It elevated by $34 billion in October 2024 when Tesla shares had the most important acquire since Could 2013 after reporting third-quarter earnings that exceeded analysts’ expectations. Since then, his wealth has continued to rise as Tesla’s market worth has elevated.

Musk is the richest particular person on this planet, main figures together with Amazon.com (AMZN) founder Jeff Bezos, Oracle’s (ORCL) Larry Ellison and Meta’s (META) Mark Zuckerberg, in keeping with Forbes and Bloomberg. The majority of Musk’s internet price comes from his stakes in Tesla, SpaceX, social media platform X, and synthetic intelligence firm xAI.

This is how the Tesla CEO made his billions.

Tesla

Tesla is without doubt one of the largest carmakers on this planet. The corporate builds and designs absolutely electrical automobiles and in addition makes vitality era and storage merchandise like photo voltaic panels, photo voltaic roof tiles, and battery methods. Its automobiles embody sedans, mid-size SUVs and the CyberTruck.

Tesla was based in 2003 as Tesla Motors by Martin Eberhard and Marc Tarpenning. Musk invested within the firm and was a member of the board beginning in 2004. He turned CEO in 2008.

Musk was allowed to assert the title of cofounder after an out-of-court settlement. Tesla went public in an preliminary public providing (IPO) on June 29, 2010. In 2021, Tesla moved its headquarters from its native Palo Alto, Calif., to Austin, Texas. In July 2023, Tesla unveiled its first Cybertruck inbuilt its Texas manufacturing facility, nearly two years behind the unique schedule.

Musk has a 13% possession stake in Tesla price greater than $100 billion. In October 2024, Tesla introduced its strongest quarterly earnings in additional than a yr, reporting internet revenue of $2.17 billion for the third quarter of 2024. The EV maker additionally projected a 30% development in car gross sales for 2025.

SpaceX

Musk can also be the cofounder and CEO of SpaceX, a rocket manufacturing firm that counts NASA as a shopper and helps resupply the Worldwide House Station.

SpaceX was valued at $210 billion as of Could 2024, in keeping with Bloomberg. The corporate is taken into account the second most dear startup behind TikTok’s father or mother firm, ByteDance, in keeping with market intelligence platform CB Insights.

Musk owns 42% of SpaceX, which has launched over 400 rockets because it was based in 2002, and has greater than 4 million subscribers for its Starlink web service.

X (Twitter)

In April 2022, Musk purchased Twitter for $44 billion after threatening a hostile takeover. The deal was finalized in October 2022 after Twitter sued Musk for making an attempt to again out of the deal.

His takeover has been controversial, as he laid off a lot of the corporate’s workforce and added a paid subscription service ($8 monthly) for anybody who needs their account verified. Musk owns about 79% of X. In July 2023, Musk rebranded Twitter as X, changing the blue fowl emblem with the letter.

Constancy estimates that X is price about $9.4 billion, in keeping with Forbes, per disclosures launched by the funding agency in September 2024. Constancy’s stake in X is now price about $4.19 million, down about 79% earlier than Musk purchased X.

xAI

Musk based synthetic intelligence agency xAI in 2023. As of October 2024, xAI is in talks for a funding spherical with traders that will worth the corporate at about $40 billion, in keeping with The Wall Avenue Journal. Musk owns about 60% of xAI, per Forbes. The group at xAI is led by Musk and others who’ve beforehand labored with OpenAI, DeepMind, Google Analysis, Microsoft Analysis, and Tesla.

The Boring Firm

Musk can also be the founding father of The Boring Firm, a development firm that goals to “remedy site visitors” by constructing tunnels. The corporate raised $675 million in April 2022 at a valuation of $5.7 billion, in keeping with a launch.

Neuralink

Musk co-founded an organization known as Neuralink which designed a “brain-computer interface,” a chip that may be implanted into the mind and would enable customers to manage their computer systems and cell units with their ideas.

In line with the corporate’s web site, Neuralink is working to assist these with quadriplegia, a symptom of paralysis that impacts an individual’s limbs and physique from the neck down, with the flexibility to manage their units with their ideas.

The corporate, which launched its first human trial in January 2024, is valued at an estimated $8 billion, in keeping with Reuters.