Elon Musk, the enigmatic entrepreneur at the helm of Tesla and SpaceX, has recorded a meteoric rise in wealth, adding $257 billion to his fortune in 2024 alone.
With a staggering net worth of $486 billion at the time of publication, Musk remains firmly entrenched as the world’s richest individual, according to the Bloomberg Billionaires Index.
On Tuesday, his wealth briefly touched $500 billion—a historic milestone never before achieved.
The primary driver of this financial ascent has been Tesla Inc., where Musk owns a 13% stake, along with 304 million exercisable stock options from his 2018 compensation package.
Tesla’s stock has soared 93% year-to-date, closing at $479.86, reflecting the carmaker’s dominance in the electric vehicle and renewable energy sectors. The company’s innovations in autonomous driving and battery technology continue to bolster its position as the world’s most valuable car manufacturer.
Beyond Tesla, Musk’s portfolio of high-profile ventures shows his status as a modern-day industrialist. SpaceX, the private aerospace firm valued at $350 billion in a recent tender offer, accounts for a significant portion of his wealth. Musk owns 42% of the company through a trust. SpaceX’s contracts with NASA and its ambitious Starship program have positioned it as a leader in space exploration and commercial aerospace.
What to know
Musk’s holdings also extend to X Corp., the social media platform formerly known as Twitter, which he acquired for $44 billion in 2022. Despite the platform’s valuation dropping 72% since the acquisition, Musk retains a 79% ownership stake.
- Meanwhile, his investments in Neuralink, a brain-machine interface company, xAI, an artificial intelligence startup, and The Boring Company, which specializes in tunneling infrastructure, reflect his penchant for futuristic endeavors.
- Earlier this month, Musk reached another milestone when his net worth hit over $400 billion, marking a year of extraordinary financial growth. His ambitions, however, transcend Earth. Musk has long expressed a desire to retire on Mars, a vision consistent with his role as a transformative figure in technology and industry.
- Musk, who became the world’s richest person in January 2021, has committed to philanthropic causes as a member of the Giving Pledge since 2012. Yet, his wealth—tied intricately to the fortunes of Tesla and SpaceX—illustrates the volatile but astonishing trajectory of his career.
As 2024 draws to a close, Musk’s influence on technology, transportation, and space exploration remains unparalleled, cementing his legacy as one of history’s most consequential figures.
