Elon Musk's Net Worth Surpasses $400 Billion as Tesla Stock Hits Record $424.77

Dec 12, 2024, 08:15 AM

Elon Musk has become the first person to achieve a net worth exceeding $400 billion, surpassing the combined wealth of Jeff Bezos and Bill Gates. His wealth increased by an estimated $62 billion in a single day following a surge in Tesla's stock. Tesla shares climbed to a record high of $424.77, up 5.9%, bringing the company's market value to $1.36 trillion. The stock has risen 68% since November, nearly doubling since October, and delivering a remarkable return of over 37,500% since its 2010 IPO. Investor optimism is fueled by Tesla's advancements in AI and plans for robo-taxis in 2025. Musk's support for Donald Trump, who was elected as the 47th U.S. president, contributed to positive market sentiment; Musk had contributed $270 million to Trump's campaign. Major Wall Street banks have raised Tesla's target price, with Bank of America increasing it by 14%, Morgan Stanley by 29%, and Goldman Sachs by 38%. Additionally, SpaceX's valuation has soared to $350 billion after a recent internal agreement, further boosting Musk's fortune.