Elon Musk’s Wealth Skyrockets—Here’s His Latest Net Worth

Tesla CEO Elon Musk, the richest person in the world as of November 2024, has an estimated net worth of more than $308 billion, according to Forbes. The Bloomberg Billionaires Index estimates his network at around $335 billion.

Musk’s net worth increased by about $20 billion on Nov. 6th after shares of EV maker Tesla (TSLA) rose by 12% Wednesday morning following Donald Trump’s reelection as president, according to Forbes. Musk has been vocal in his support for Trump, Forbes reported, joining him on the campaign trail and becoming Trump’s second largest donor by putting $118 million into America PAC, which Musk created.

It was the second significant rise to Musk’s net worth in recent works. It increased by $34 billion in October 2024 when Tesla shares had the biggest gain since May 2013 after reporting third-quarter earnings that exceeded analysts’ expectations. Since then, his wealth has continued to rise as Tesla’s market value has increased.

Musk is the richest person in the world, leading figures including Amazon.com (AMZN) founder Jeff Bezos, Oracle’s (ORCL) Larry Ellison and Meta’s (META) Mark Zuckerberg, according to Forbes and Bloomberg. The bulk of Musk’s net worth comes from his stakes in Tesla, SpaceX, social media platform X, and artificial intelligence company xAI.

Here’s how the Tesla CEO made his billions.

Tesla

Tesla is one of the largest carmakers in the world. The company builds and designs fully electric vehicles and also makes energy generation and storage products like solar panels, solar roof tiles, and battery systems. Its vehicles include sedans, mid-size SUVs and the CyberTruck.

Tesla was founded in 2003 as Tesla Motors by Martin Eberhard and Marc Tarpenning. Musk invested in the company and was a member of the board starting in 2004. He became CEO in 2008.

Musk was allowed to claim the title of cofounder after an out-of-court settlement. Tesla went public in an initial public offering (IPO) on June 29, 2010. In 2021, Tesla moved its headquarters from its native Palo Alto, Calif., to Austin, Texas. In July 2023, Tesla unveiled its first Cybertruck built in its Texas factory, almost two years behind the original schedule.

Musk has a 13% ownership stake in Tesla worth more than $100 billion. In October 2024, Tesla announced its strongest quarterly earnings in more than a year, reporting net income of $2.17 billion for the third quarter of 2024. The EV maker also projected a 30% growth in vehicle sales for 2025.

SpaceX

Musk is also the cofounder and CEO of SpaceX, a rocket manufacturing company that counts NASA as a client and helps resupply the International Space Station.

SpaceX was valued at $210 billion as of May 2024, according to Bloomberg. The company is considered the second most valuable startup behind TikTok’s parent company, ByteDance, according to market intelligence platform CB Insights.

Musk owns 42% of SpaceX, which has launched over 400 rockets since it was founded in 2002, and has more than 4 million subscribers for its Starlink internet service.

X (Twitter)

In April 2022, Musk bought Twitter for $44 billion after threatening a hostile takeover. The deal was finalized in October 2022 after Twitter sued Musk for trying to back out of the deal.

His takeover has been controversial, as he laid off much of the company’s workforce and added a paid subscription service ($8 per month) for anyone who wants their account verified. Musk owns about 79% of X. In July 2023, Musk rebranded Twitter as X, replacing the blue bird logo with the letter.

Fidelity estimates that X is worth about $9.4 billion, according to Forbes, per disclosures released by the investment firm in September 2024. Fidelity’s stake in X is now worth about $4.19 million, down about 79% before Musk bought X.

xAI

Musk founded artificial intelligence firm xAI in 2023. As of October 2024, xAI is in talks for a funding round with investors that would value the company at about $40 billion, according to The Wall Street Journal. Musk owns about 60% of xAI, per Forbes. The team at xAI is led by Musk and others who have previously worked with OpenAI, DeepMind, Google Research, Microsoft Research, and Tesla.

The Boring Company

Musk is also the founder of The Boring Company, a construction company that aims to “solve traffic” by building tunnels. The company raised $675 million in April 2022 at a valuation of $5.7 billion, according to a release.

Neuralink

Musk co-founded a company called Neuralink which designed a “brain-computer interface,” a chip that can be implanted into the brain and would allow users to control their computers and mobile devices with their thoughts.

According to the company’s website, Neuralink is working to help those with quadriplegia, a symptom of paralysis that affects a person’s limbs and body from the neck down, with the ability to control their devices with their thoughts.

The company, which launched its first human trial in January 2024, is valued at an estimated $8 billion, according to Reuters.