Elon Musk, the visionary entrepreneur leading Tesla and SpaceX, has experienced a remarkable surge in wealth, amassing an additional $257 billion in 2024 alone.
With an astonishing net worth of $486 billion at the time of writing, Musk solidifies his position as the world’s richest individual, according to the Bloomberg Billionaires Index. On Tuesday, his fortune briefly reached an unprecedented $500 billion, a milestone never before attained.
This financial success is primarily driven by Tesla Inc., where Musk holds a 13% stake and owns 304 million exercisable stock options from his 2018 compensation package. Tesla’s stock has skyrocketed by 93% this year, closing at $479.86, thanks to the company’s leadership in the electric vehicle and renewable energy markets. Tesla’s advancements in autonomous driving and battery technology continue to reinforce its status as the most valuable carmaker globally.
Musk’s wealth extends beyond Tesla through his impressive portfolio of ventures. SpaceX, his private aerospace company valued at $350 billion in a recent tender offer, contributes significantly to his fortune, with Musk owning 42% of the firm via a trust. SpaceX’s groundbreaking NASA contracts and its ambitious Starship program have solidified its leadership in space exploration and commercial aerospace.
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Musk also owns X Corp., the social media platform formerly known as Twitter, which he purchased for $44 billion in 2022. Despite the platform’s value dropping by 72% since the acquisition, he retains a 79% ownership stake. Additionally, his ventures in Neuralink, xAI, and The Boring Company showcase his focus on cutting-edge innovation in brain-machine interfaces, artificial intelligence, and tunneling infrastructure.
Earlier this month, Musk reached a net worth milestone of $400 billion, capping a year of extraordinary financial growth. His ambitions extend far beyond Earth, as he has often expressed a desire to retire on Mars—an aspiration in line with his transformative influence on technology and industry.
Musk, who became the world’s richest individual in January 2021, has pledged to support philanthropic causes as a member of the Giving Pledge since 2012. However, his wealth—largely tied to Tesla and SpaceX—reflects the volatility and success that have marked his career.
As 2024 draws to a close, Musk’s impact on technology, transportation, and space exploration remains unmatched, cementing his status as one of history’s most influential figures.
