Elon Musk’s net worth has risen to $314 billion after Tesla’s market value surpassed $1 trillion on Friday, marking a $17.4 billion increase and mapping his position as the world’s richest person.
THECONSCIENCENG reports that the increase follows Tesla’s 28% three-day rally in share price, driven by optimism around the re-election of Donald Trump and its potential policy implications for the electric vehicle industry.
Tesla shares jumped more than 10% on Friday to nearly $330 before settling at $321, an 8% increase on the day.
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This recent rally has doubled Tesla’s market valuation over the past six months, bringing it back to the $1 trillion mark last seen in early 2022.
Tesla’s gain extended across the broader market, which also rallied on expectations of policy shifts that could benefit major US corporations.
With Friday’s Tesla gains, Elon Musk’s net worth crossed the $300 billion mark for the first time in two years, making him $70 billion wealthier than Oracle Chairman Larry Ellison, his closest competitor.
Musk’s wealth is heavily tied to his 13% stake in Tesla, which is valued at approximately $130 billion. An additional 9% stake remains in legal dispute in Delaware, where an appeal over a stock options bonus is pending.
Despite recent gains, Tesla shares are still around 25% below their late 2021 peak of $415, when Musk’s wealth neared $320 billion. Elon Musk has recently been visible on the political stage, backing Trump’s campaign with an estimated $130 million donation, and discussions have emerged around Elon Musk’s potential involvement in the Trump administration.
What to know
Tesla’s recent stock increase aligns with strong market performance, with the S&P 500 recording its best week this year. Shares in fellow American automakers Ford and General Motors also posted solid gains, rising 7% and 8% respectively, though Tesla’s gains were more substantial.
Tesla is well-positioned to benefit from potential Trump administration policies. These may include the elimination of federal electric vehicle tax credits, which could give Tesla a competitive edge as smaller EV makers would face higher consumer costs.
Other possible advantages include Trump’s stance on Chinese imports, where additional tariffs could hinder the entry of cheaper Chinese electric vehicles into the US market, strengthening Tesla’s market share.
Additionally, Trump has signaled support for accelerating regulatory approval of autonomous driving technology, an area where Tesla is focused on growth.
Ives noted that such regulatory fast-tracking would provide Tesla a clear competitive advantage in advancing self-driving capabilities, a cornerstone of Musk’s vision for the company’s future.
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