Elon Musk has topped the world’s rich list yet again after his wealth soared by more than $200billion this year.
Musk, 53, has now amassed a net worth of $455billion, the Bloomberg Billionaires Index revealed, a rise boosted by a nearly 71 per cent surge in Tesla stock following the US election. Musk is the automaker’s largest shareholder with about a 13 per cent stake in the company.
His net worth was also boosted by an insider share sale of SpaceX, which Musk heads. The rocket company and its investors agreed to purchase as much as $1.25billion of its common shares, it was reported last week.
The tech tycoon, who spent at least $277million backing Donald Trump and other GOP candidates along the 2024 campaign trail, has seen his fortune grow by more than $170billion since Election Day.
Tesla investors have pinned their hopes on Musk’s relationship with the President-elect, hoping the billionaire’s role in shaping the incoming Republican administration’s policy agenda would benefit the automaker.
Musk is followed on the billionaires list by Amazon founder Jeff Bezos – with a net worth of $246billion, while Facebook CEO Mark Zuckerberg is in the third spot with a net worth of $219billion.
The latest daily billionaires ranking revealed that eight of the top ten world’s richest men are tech tycoons. Oracle co-founder Larry Ellison is in the fourth spot with a net worth of $194billion.
Google co-founders Larry Page and Sergey Brin also made the list, as did Microsoft co-founder Bill Gates and former Microsoft CEO Steve Ballmer.
Elon Musk, pictured earlier this month on Capitol Hill, has topped the world’s rich list yet again after his wealth soared by more than $200billion this year
Musk’s net worth crossed $400billion last Thursday, the real-time billionaires list showed. As of Monday, it had surpassed $455billion.
Bloomberg’s estimate includes a record-breaking $56billion pay package from Tesla that had been held up in court a Delaware judge ruled to strike it down in January.
Musk’s wealth has been boosted by a surge in Tesla stock, which recently rose to a record-high, extending a rally that kicked off following the Nov. 5 election. As of Monday morning, Tesla was trading at $436.23 per share.
The Tesla CEO, who addressed his soaring wealth on his social media platform X last week, said of the Bloomberg Billionaires Index: ‘What’s really crazy about this is that almost no investors wanted to sell shares even at a $350B valuation!’
He added that SpaceX has reduced the number of shares it bought back from employees in order to bring in some new investors.
Besides Tesla, Musk also heads brain technology startup Neuralink. Both SpaceX and Neuralink rely heavily on government regulation and policy and could benefit from a business-friendly administration.
He also owns social media site X and tunnel builder The Boring Company.
The latest report of Musk’s soaring wealth comes after a judge on Friday cleared the way for the CEO and Tesla to begin legal appeals to try to reinstate his pay package.
Musk’s wealth has been boosted by a surge in Tesla stock, which recently rose to a record-high, extending a rally that kicked off following the Nov. 5 election . As of Monday morning, Tesla was trading at $436.23 per share
The latest daily billionaires ranking revealed that eight of the top ten world’s richest men are tech tycoons. Musk is followed on the billionaires list by Amazon founder Jeff Bezos, pictured on December 4, with a net worth of $246billion
Facebook CEO Mark Zuckerberg (left) is in the third spot with a net worth of $219billion and Oracle co-founder Larry Ellison (right) is in the fourth spot with a net worth of $194billion
The order by Chancellor Kathaleen McCormick of the Court of Chancery opens the 30-day window for an appeal to the Delaware Supreme Court.
Musk and the board that approved the 2018 pay package can appeal McCormick’s ruling in January that they had breached their fiduciary duty to investors by approving a compensation plan she described as ‘unfathomable’ in its size.
On December 2, she declined to reconsider that ruling despite a June vote by Tesla shareholders in favor of the package.
Tesla will also be able to appeal McCormick’s order directing the company to pay $345million to the attorneys who represented Richard Tornetta, the shareholder who sued in 2018 to rescind the pay package.
The Delaware Supreme Court can take around a year to issue a ruling.
Meanwhile, Musk has been selected to co-chair Trump’s newly founded Department of Government Efficiency (DOGE), which has been tasked with finding major government savings.
Musk, who spent at least $277million backing Donald Trump and other GOP candidates along the 2024 campaign trail, has seen his fortune grow by more than $170billion since Election Day. Musk (center) is pictured on Saturday with President-elect Donald Trump (left) and Vice President-elect JD Vance (right)
Despite its name, DOGE is neither a department nor part of the government, which frees Musk and co-chair Vivek Ramaswamy from having to go through the typical ethics and background checks required for federal employment. The pair have said they will not be paid for their work.
Musk’s appointment to the presidential advisory group could potentially allow him to shape policies that impact his business, experts have warned, noting how Musk’s operations have vast government contracts.
The SpaceX billionaire, who has enthusiasm for Trump’s agenda and campaigned alongside him in the final stretch of the election, poured millions into a get-out-the-vote effort to help the former president return to the White House.
He is known politically for having transformed the popular social media site X into a platform embraced by MAGA enthusiasts.