Richest man in the world now $7 billion richer. Windfall from US election rockets Elon Musk’s worth to $334.3 billion | Company Business News

The richest man in the world, Elon Musk, has gotten richer by another $80 billion compared to second richest person and Oracle chairman Larry Ellison, according to a Forbes report. Overall, the tech mogul added $7 billion to his net worth to reach $334.3 billion at market close on November 22, 2024 — much of the boost coming from Tesla, SpaceX and xAI stocks.

Notably, 13 per cent shares in electric vehicle maker Tesla (worth $145 billion) and 42 per cent in rocket company SpaceX (worth $210 billion) make up the bulk of Musk’s fortune, it added. Besides these, Musk also holds stake in Neuralink, The Boring Company and X (formerly known as Twitter).

Richie Rich Musk

According to the Forbes report, Musk could make more money — around $18 billion from SpaceX as the company considers initiating a tender offer round in December 2024.

The US election results outcome has served as a large windfall for Musk, who’s support for President-elect Donald Trump, and the Republican’s consequent victory, pushed up equity and cryptocurrency markets.

More recently, the valuation of Musk’s generative artificial intelligence company, ‘xAI’ at $50 billion, further pushed up his net worth to $334.3 billion. He owns 60 per cent of xAI.

The report added that “Musk is again owner of the largest fortune ever tracked by Forbes, topping the record he set in 2021”.