Elon Musk’s net worth hits $447 billion

• Elon Musk’s net worth has increased to $447 billion
• The increase is driven by the positive performance of his many ventures like electric vehicles, space exploration, Artificial Intelligence, robotics, and tunnelling technologies
• The stock of Musk’s electric vehicle, Tesla, increased to a $1 trillion valuation following the election victory of Donald Trump

Elon Musk’s net worth has climbed to $447 billion, fuelled by the success of his numerous ventures, including electric vehicles, space exploration, Artificial Intelligence (AI), robotics, and tunnelling technologies.

Musk’s wealth increased by $62.8 billion in 2024 alone, according to Bloomberg, largely due to the increasing valuation of SpaceX, his privately held aerospace company.

SpaceX is said to be valued at $350 billion following a secondary share sale, even as Musk’s electric vehicle, Tesla, recorded gains on the stock market.

Tesla’s shares rose by almost six per cent on Wednesday, December 11, to $424.77, climbing above its prior closing high of $409.97 on November 4, 2021.

Tesla’s stocks have soared since Donald Trump’s election victory

The stocks of Tesla have surged by 69 per cent since the election victory of Donald Trump on November 5, on the back of the relationship between Musk and Trump.

Following Trump’s election victory, the shares of Musk-owned Tesla crossed the $1 trillion mark on Friday, November 8, for the first time in two years.

The electric vehicle maker's shares rose by more than six per cent to a more than two-year high of $315.56, after having gained 19.3 per cent at the close of Thursday.

The demand for Tesla’s shares is hinged on growing bets of a favourable treatment for Elon Musk’s companies in return for his support for Trump in his during his election campaign.

Per Reuters, there have been insinuations that Musk may push for favourable regulation of autonomous vehicles that Tesla plans and also get the U.S. National Highway Traffic Safety Administration to hold off on potential enforcement actions involving the safety of Tesla’s current driver-assistance systems.

Tesla has maintained a lead in the automobile industry, being the world’s most valuable automaker for years, while Japan’s Toyota Motor, China BYD, and others trailing by several hundred billion dollars.

xAI raised $6 billion in a Series B funding round

Musk’s AI company, xAI, recently announced the successful conclusion of its Series B funding round, raising an impressive $6 billion.

xAI disclosed that the funding round attracted prominent investors, including Valor Equity Partners, Vy Capital, Andreessen Horowitz, Sequoia Capital, Fidelity Management & Research Company, Prince Alwaleed Bin Talal, and Kingdom Holding.

The company said the newly raised capital will be directed towards accelerating the development of advanced AI systems that are truthful, highly competent, and beneficial to humanity.

The funding will expand xAI’s infrastructure and advance the development of its flagship products, including the Grok series of AI models. 

Tesla unveils vision for autonomous future with Robotaxi, Robovan

Meanwhile, TheRadar reported that the CEO of Tesla, Elon Musk, unveiled ambitious plans for Tesla’s transition from automaker to robotics manufacturer at a highly anticipated event on Thursday, October 10.

The “We, Robot” event took place at the Warner Bros studio near Los Angeles, California, and featured the debut of groundbreaking vehicles designed to revolutionise transportation.