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Donald Trump has a lot of iconic lines over the years but there’s one line from April 12, 2024 that stands out. He had said at a rally: “"We're gonna win so much, you may even get tired of winning. And you'll say, 'Please, please. It's too much winning. We can't take it anymore. Mr President, it's too much.'”
He might as well have been speaking about his new BFF and the nation’s first buddy Elon Musk who just can’t stop winning since Donald Trump came back to power.
Elon Musk, already a dominant force in the business world, has now cemented his place in history as the wealthiest person ever. Thanks to a $70 billion surge in his net worth following Donald Trump's election victory, Musk’s fortune has soared to unparalleled levels, making him not only the richest individual alive but also the wealthiest ever tracked by Forbes.
Where Musk Made His Money: A Detailed Breakdown with a Post-Election Windfall
Elon Musk’s remarkable $70 billion post-election surge in wealth has catapulted him to the position of the richest person ever, solidifying his dominance across multiple industries. The rally in Tesla’s stock, spurred by Donald Trump’s victory, marked a dramatic turning point, highlighting Musk’s ability to align his ventures with market dynamics and favorable policy shifts.
Post-Election Windfall: A $70 Billion Surge
Musk’s wealth increased by $70 billion in just weeks following the U.S. presidential election, driven by:
- Tesla's Stock Surge: Tesla’s shares soared 40% post-election, reaching a 3.5-year high. Investors anticipate fewer regulatory hurdles for Tesla’s Full Self-Driving (FSD) program under Trump’s administration, which prioritizes deregulation.
- Wall Street Confidence: With Trump’s pro-business policies, Musk’s close alignment with the new administration reassured markets about a favorable environment for his companies, particularly Tesla and SpaceX.
- AI Valuation Boost: xAI, Musk’s generative AI company, saw its valuation swell to $50 billion, contributing an additional $13 billion to his fortune.
This unprecedented windfall not only underscores Musk’s business acumen but also highlights his strategic political moves.
From $200 Billion to $334.3 Billion: A Record-Breaking Leap
Musk's net worth, which hovered below $200 billion just six months ago, has skyrocketed to $334.3 billion. This latest surge came primarily from a 40% post-election rally in Tesla's stock, fueled by Wall Street optimism over Trump’s business-friendly policies. Tesla's self-driving technology is poised to benefit from anticipated deregulation, significantly boosting investor confidence.
Musk’s stakes in other ventures also contributed to his record wealth. His 42% share in SpaceX is valued at $88 billion, and his generative AI company, xAI, swelled to a $50 billion valuation, adding $13 billion to his fortune.
Backing Trump Against All Odds
Musk’s public endorsement of Donald Trump earlier this year marked a significant political move. Despite criticism, Musk doubled down, donating over $100 million to Trump’s campaign and becoming a key figure in the president-elect’s team. Musk’s alignment with Trump wasn’t just ideological—it was strategic. The two share a vision for deregulation, particularly in technology and energy sectors, where Musk’s businesses operate.
Musk’s new role as chair of the “Department of Government Efficiency” under the Trump administration further underscores his influence in shaping US policies.
The X Factor: Twitter’s Transformation
Acquiring X (formerly Twitter) in 2022 for $44 billion was initially met with scepticism. However, Musk’s transformation of the platform into a profitable hub for digital media, finance, and AI integration has paid off. X is now valued at over $50 billion, becoming another pillar in Musk’s empire. The platform’s influence in shaping political discourse and aligning Musk closer to Trump also played a role in his windfall.
Where Musk Made His Money: A Deep Dive into His Empire
Elon Musk’s fortune is a product of his visionary leadership across multiple industries. From electric vehicles to artificial intelligence, Musk has left an indelible mark, building companies that redefine their sectors. Here’s a closer look at the pillars of his wealth:
Tesla: The Cornerstone of Musk's Fortune
Cybercab | The Future is Autonomous
Musk’s 13% stake in Tesla, valued at $145 billion, is the bedrock of his wealth. The electric vehicle (EV) manufacturer didn’t just popularize EVs—it revolutionized them. Under Musk’s leadership, Tesla:
- Revolutionized Manufacturing: Tesla’s Gigafactories set new standards for large-scale production efficiency.
- Pioneered Battery Technology: Breakthroughs in battery design have allowed Tesla to lead in range and performance, pushing competitors to play catch-up.
- Redefined Auto Sales: Tesla's direct-to-consumer model bypasses traditional dealerships, disrupting an entrenched industry practice.
- Dominates Global EV Markets: With a nearly 18% global market share in EVs, Tesla is a dominant force, particularly in the U.S. and China.
- Additionally, Tesla’s Full Self-Driving (FSD) technology, while controversial, positions the company at the forefront of autonomous driving innovation, potentially opening lucrative revenue streams through subscriptions.
SpaceX: Breaking Barriers in Aerospace
WATCH: SpaceX catches Starship rocket booster back at the launch pad
Musk’s 42% stake in SpaceX, worth $88 billion, is another critical part of his fortune. SpaceX is a leader in the aerospace and satellite communication industries, thanks to:
- Cost Efficiency: SpaceX’s reusable rocket technology has slashed costs for space exploration, enabling commercial space travel and expanding opportunities for space-based research.
- Starlink: Its satellite internet service has revolutionized global connectivity, bringing internet access to remote regions.
- Commercial Space Partnerships: SpaceX’s contracts with NASA and private entities demonstrate its dominance over legacy players like Boeing and Lockheed Martin.
- Mars Mission: Musk’s goal of colonizing Mars has captured imaginations and investments, positioning SpaceX as a long-term player in space exploration.
With SpaceX's valuation expected to surpass $250 billion in upcoming tender offers, Musk’s aerospace vision shows no signs of slowing down.
xAI: The Generative AI Powerhouse
Jensen Huang on Elon Musk and xAI building the fastest supercomputer on the planet in 19 days
- Musk’s generative artificial intelligence venture, xAI, has reached a $50 billion valuation, justifying his early focus on this burgeoning field. The company:
- Rivals Industry Giants: xAI has positioned itself as a competitor to OpenAI and Google in generative AI, focusing on models capable of solving complex real-world problems.
- Integrates Across Musk’s Ecosystem: xAI’s technology is deeply embedded in Tesla’s self-driving capabilities and X’s content moderation and personalization algorithms.
- Pursues Ethical AI: Musk, a vocal critic of AI risks, has steered xAI toward developing ethical, aligned AI systems, appealing to regulators and the public alike.
Neuralink and The Boring Company: Disruptors in Their Niches
While smaller in Musk’s portfolio, Neuralink and The Boring Company highlight his diverse innovation:
- Neuralink: Focused on brain-computer interfaces, Neuralink aims to treat neurological conditions and ultimately enable human-AI symbiosis.
- The Boring Company: Specializing in tunneling and infrastructure, The Boring Company is creating high-speed underground transportation systems like the Las Vegas Loop, challenging traditional urban transit solutions.
Elon Musk’s record-breaking wealth isn’t just a number—it’s a testament to his transformative impact on industries ranging from automotive and aerospace to AI and social media. His ability to envision the future, take bold risks, and disrupt the status quo has not only reshaped global markets but also solidified his legacy as one of history’s most influential innovators. With his empire growing and a more business-friendly environment under the Trump administration, Musk’s meteoric rise may just be the beginning of an even larger ascent. But, it looks unlikely that he will get tired of winning.
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