CEO of Tesla Elon Musk is officially the richest he’s ever been (and the richest person ever) with a net worth of $334.3 billion, according to Forbes. The richest person on the planet got a lot richer as shares of Tesla, the publicly traded electric vehicle company led by Musk, soared following Donald Trump’s victory in the US election. Musk was Trump’s biggest supporter on the campaign trail, even attending some of his rallies.

He has been named chairman of the new Department of Government Efficiency (DOGE), where he will work alongside Vivek Ramaswamy.
According to Forbes, Elon Musk’s net worth reached a record $321.7 billion as of market close on Friday, November 22, an increase of $7 billion. Tesla Stock climbed 3.8% to a new 3.5-year closing high of $352.56 per share. This eclipses the previous high of $320.3 billion set on November 5, 2021 amid Tesla’s pandemic surge.
Musk’s net worth is now more than $80 billion higher than that of the second richest person, his friend and Oracle Chairman Larry Ellison, at $235 billion. Much of Musk’s fortune comes from his 13% stake in Tesla, worth $145 billion, with an additional 9% equity allocation in the company pending an appeal in Delaware court (Forbes reduces the value of the attribution by 50% in its assessment of Musk’s wealth).

Elon Musk’s net worth increased by $70 billion

The substantial valuation of Musk’s AI company xAIvalued at $50 billion, further contributed to his wealth. EspaceXvalued at $210 billion, also plays a significant role in Musk’s overall net worth.
Thanks to that, Musk’s fortune is now about $70 billion higher than it was on Election Day, with Tesla shares jumping 40% as Wall Street bought into what is expected to be a more favorable regulatory environment under Trump for Tesla, particularly for its autonomous vehicles, as per Forbes.

How Elon Musk became the richest person again

Elon Musk’s close ties with President-elect Donald Trump have boosted investor confidence. Wall Street analysts view the new administration’s planned deregulation efforts as a significant benefit for Tesla, particularly for its fully autonomous driving initiatives, which have faced increased regulatory scrutiny.
The other main source of Elon Musk’s fortune is his 42% stake in SpaceX, valued at $210 billion in a June takeover bid, bringing his stake in the privately held company to aerospace and satellite communications at $88 billion. Speculation around SpaceX’s next funding round, which could value the company at $250 billion, suggests that Musk’s net worth could rise even further, potentially adding $18 billion to his fortune.
There is still a way to go
However, despite this historic surge in fortunes, there may still be some way to go, as Tesla shares still remain around 14% below their late 2021 all-time high.