Elon Musk’s net worth surged by $213 billion in 2024, driven by his ties to President-elect Donald Trump and the strong performances of Tesla and SpaceX.
According to Bloomberg’s Billionaires Index, the total wealth of the world’s 500 richest reached $10 trillion, with Musk accounting for over 13% of this increase. He ended the year with a net worth of $442.1 billion, creating a record $237 billion gap with Jeff Bezos.
Trump’s election significantly boosted Musk’s fortune. Tesla’s stock skyrocketed more than 65% after Trump’s victory, thanks to anticipated regulatory reforms and reduced competition from Chinese electric vehicles. In the five weeks following the win, billionaires added $505 billion in wealth, with major tech companies like Meta and Nvidia leading the charge.
While many billionaires benefited, luxury magnates faced losses, and Musk’s backing of Trump—over $130 million—highlighted his merging of business with politics.
His new role co-leading the Department of Government Efficiency (DOGE) further entrenched him in Trump’s economic agenda. Despite potential risks, 2024 marked Musk’s most successful year, showcasing the intersection of wealth, business, and politics.
By CEO NA Editorial Staff
