Elon Musk Becomes First Man To Cross $400 Billion Wealth; Tesla Stock Jumps 75% Since Trump's Election Win

Elon Musk, the richest man in the world, has touched a new milestone by also becoming the first man to cross the $400 billion wealth mark. Undefeated at first rank, Musk gained $218 billion in wealth YTD, doubling his net worth by the end of 2023. One of the biggest contributors to his wealth is his holding in electric vehicle giant Tesla which skyrocketed by 75% since the US election, and the majority of gains emerged after Donald Trump's landslide victory.

Elon Musk's Net Worth:

As per Bloomberg Billionaire Index, Musk's net worth is now currently $447 billion. Overnight, he recorded a $62.8 billion jump in his wealth, which can be attributed to a fresh record-high rally in TESLA. Year-to-date, his wealth has skyrocketed by $218 billion.

Here are some interesting facts about Elon Musk as per the Bloomberg Billionaire Index:

1. Musk was born in South Africa to an engineer father and nutritionist mother, in 1971. He left his home as a 17-year-old for college in Canada, in part to avoid serving in the apartheid-era South African army.

2. After achieving his degrees in economics and physics from the University of Pennsylvania, Musk enrolled at Stanford University. However, soon after Musk dropped out to pursue his three main areas of interest: the Internet, clean energy and space.

3. His first company was Zip2 which he created in 1995 and sold for over $300 million after four years of incorporation. He used the proceeds to reinvest and start an online payment system, X.com. Later, he sold X.com to eBay for $1.5 billion in 2012, which is now called PayPal an e-commerce and payment player.

4. His first biggest company was SpaceX, a closely held rocket company that was tapped by NASA to take over the space shuttle's role of resupplying the International Space Station. Right after SpaceX, a year later, he co-founded Tesla, the company that produced the world's first all-electric, zero-emission sports car in 2010. In the same year, the company sold shares in a public offering.

5. Tesla has become the world's most valuable carmaker since July 2020, making him the richest man in the world. Not only that by the end of the late 2010s, SpaceX had become the world's dominant space launch provider.

6. Furthermore, he founded SolarCity, a solar power systems company. SolarCity also sold its shares for public listing in 2012 and was later bought by Tesla in November 2016.

7. In early 2022, Musk acquired Twitter for $44 billion, and it is now rebranded as X.Corp.

Tesla Stock's Magic:

On December 11, Tesla stock zoomed by nearly 6% to hit a new all-time high of $424.88 apiece. After market hours, Tesla stock ended at $424.77 up by 5.93% on Nasdaq.

Notably, the EV giant has witnessed most buying after Donald Trump's massive victory in the US election in 2024. Musk has been one of the largest sponsors of Trump's party. The duo Trump and Musk have been loved by the majority of US citizens who voted in the election.

The US election of 2024 was held on November 5, 2024. Right before this date, Tesla stock was about $242.84 apiece on Nasaq on November 4th, which was 2.25% down from its 2024 starting price of $248.42 apiece recorded on January 2, 2024.

On the election day, Tesla stock was up by 3.5%, but further skyrocketed by 14.75% on November 6th after Trump's victory was confirmed. That entire election week Tesla stocks were on the winning spree with gains of 3% on November 7, but up by 8.2% on November 8 and higher by 9% on November 11.

So far in December month as well, Tesla shares have been on a bullish trend except for one day it fell by 1.6% on December 3. Since then Tesla has been on a gaining spree for six consecutive sessions.

From November 4th price level to December 11th price, Tesla stock has advanced strongly by 75%, hence lifting Musk's wealth along the line.

Should You Buy Tesla Stock Still? As per Tip Ranks data, dased on 34 Wall Street analysts offering 12 month price targets for Tesla in the last 3 months. The average price target is $267.79 with a high forecast of $450.00 and a low forecast of $24.86. The average price target represents a -36.96% change from the last price of $424.77.

SpaceX Buyback Deal:

Elon Musk's wealth also jumped after reports said that his SpaceX has likely struck a buyback deal. As per a Bloomberg report, SpaceX and its investors have agreed to purchase as much as $1.25 billion of insider shares in a transaction valuing Elon Musk's rocket and satellite maker at about $350 billion, according to an internal email seen by Bloomberg.1 day ago