Richest man in the world now $7 billion richer. Windfall from US election rockets Elon Musk’s worth to $334.3 billion

The richest man in the world, Elon Musk, has gotten richer by another $80 billion compared to second richest person and Oracle chairman Larry Ellison, according to a Forbes report. Overall, the tech mogul added $7 billion to his net worth to reach $334.3 billion at market close on November 22, 2024 — much of the boost coming from Tesla, SpaceX and xAI stocks.

Notably, 13 per cent shares in electric vehicle maker Tesla (worth $145 billion) and 42 per cent in rocket company SpaceX (worth $210 billion) make up the bulk of Musk's fortune, it added. Besides these, Musk also holds stake in Neuralink, The Boring Company and X (formerly known as Twitter).

Richie Rich Musk

According to the Forbes report, Musk could make more money — around $18 billion from SpaceX as the company considers initiating a tender offer round in December 2024.

The US election results outcome has served as a large windfall for Musk, who's support for President-elect Donald Trump, and the Republican's consequent victory, pushed up equity and cryptocurrency markets.

More recently, the valuation of Musk's generative artificial intelligence company, ‘xAI’ at $50 billion, further pushed up his net worth to $334.3 billion. He owns 60 per cent of xAI.

The report added that “Musk is again owner of the largest fortune ever tracked by Forbes, topping the record he set in 2021”.

Timeline of Companies

• 1995 - Started web software company Zip2 with younger brother Kimbal with $15,000. 
• 1999 - Zip2 was acquired by Compaq Computer Corporation for $307 million in cash and $34 million worth of stock options. Musk used his share to create fintech company X.com. The startup merged with money transfer platform Confinity to create what became PayPal.
• 2002 - Musk founded Space Exploration Technologies Corp. or SpaceX. The company now has several contracts with the US government. 
• 2004 - Musk was an early investor in Tesla, contributing $6.3 million when he joined the team in 2004. SolarCity is now a subsidiary of Tesla and produces rechargeable solar batteries and other solar power equipment. 
• 2022 - Musk acquired the microblogging site Twitter for $46 billion and rebranded it to X. Even before buying the social media platform Musk disclosed a 9.2 per cent stake in March 2022. 
• 2024/25 - Co-Head of the US Department of Government Efficiency (DOGE) under the second Donald Trump administration (Trump 2.0).