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- Elon Musk’s net worth keeps rising on the back of Tesla’s stock surge since the election.
- The CEO of Tesla and SpaceX is now $147 billion richer this year, fueled by Tesla’s 56% jump.
- Tesla stock closed on Friday at just over $389, pushing the EV maker’s valuation to a new high.
Elon Musk just keeps getting richer following the postelection rally for Tesla stock.
The Tesla and SpaceX CEO’s net worth has soared by an unmatched $147 billion this year, according to the Bloomberg Billionaires Index. Musk is now worth $376 billion — $130 billion ahead of Amazon founder Jeff Bezos, who’s worth $246 billion.
The jump comes after the world’s richest person broke his wealth record of about $340 billion in late November, which had stood for just over three years.
Tesla stock closed Friday up 5.3% at just under $389.22, bringing this year’s rise to 56%, and valuing the company at a record $1.249 trillion per Dow Jones market data reported by Marketwatch. The previous record of $1.235 trillion was set on November 4, 2021.
Tesla stock has surged since Donald Trump’s victory in the US presidential election, as investors wagered the electric vehicle maker would benefit from Musk’s close ties to the president-elect.
Mark Malek, Siebert’s chief investment officer, previously 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.”
The tech billionaire championed Trump on X, and his super PAC spent an estimated $200 million to get the former president back into office.
Tesla could continue to make further gains. Analysts at Bank of America said in a note last week that a recent visit to the Austin factory gave them “increased confidence that TSLA is well-positioned to grow in 2025+ with its core EV business … launch of its robotaxi offering, and longer-term from its investments in Optimus.”
BofA reiterated a “Buy” rating and raised its target price by $50 to $400.
Tesla is now significantly more valuable than Warren Buffett’s $1 trillion conglomerate, Berkshire Hathaway.
Musk has a stake of about 13% in Tesla. His $376 billion net worth is about $30 billion higher than the market cap of Salesforce, valued at $346 billion — or $27 billion more than the combined wealth of Walmart heirs Jim, Rob and Alice Walton.
Earlier this month a Delaware judge slapped down Musk’s mega pay package from Tesla for the second time. The company said it will appeal the ruling.
