Elon Musk becomes world's richest person with whopping $334.3 billion!
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Elon Musk has officially claimed the title of the wealthiest person in history, boasting an astounding net worth of $334.3 billion, according to Forbes. This remarkable achievement follows a significant surge in Tesla’s stock price, driven by Wall Street’s optimism over the pro-business policies of U.S. President-elect Donald Trump, a known ally of Musk.
Musk’s fortune has skyrocketed by $83 billion since Election Day, reaching unprecedented heights as reported by the Bloomberg Billionaires Index. Despite facing intense competition in recent years, Tesla shares have made a strong comeback, climbing 3.8% on Friday alone. Investors are optimistic about Musk’s new role in President-elect Trump’s administration, where he will co-lead the Department of Government Efficiency (DOGE) alongside Vivek Ramaswamy. Market analysts view this development as a potential game-changer, with expectations of favorable policies benefiting Tesla and enhancing its market position.
Wall Street’s confidence in a more favorable regulatory environment under President-elect Trump, particularly for Tesla’s self-driving vehicles, has fueled this dramatic increase, as noted by Forbes.
Currently, Musk’s wealth places him $80 billion ahead of Larry Ellison, Oracle’s chairman, who holds the position of the world’s second-richest individual with a fortune of $235 billion. The bulk of Musk’s wealth is tied to his 13 percent stake in Tesla, which is valued at $145 billion, along with his pending 9 percent equity award in the company. However, despite his historic wealth, Tesla shares remain approximately 14 percent below their all-time high from late 2021. In contrast, the broader S&P 500 index has risen by 27% since that peak.
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