Elon Musk’s net worth has grown to $314 billion after Tesla’s market value reached $1 trillion on Friday, a $17.4 billion surge that cements his status as the world’s richest person.
The surge follows Tesla’s 28% three-day share price rally, fueled by euphoria about Donald Trump’s re-election and the potential legislative ramifications for the electric vehicle industry.
Tesla shares rose more than 10% on Friday, reaching over $330 before finishing at $321, an 8% increase for the day.
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, 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, 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. Musk has recently been visible on the political stage, backing Trump’s campaign with an estimated $130 million donation, and discussions have emerged around Musk’s potential involvement in the Trump administration.
