Tesla's closing stock price as reported by major financial news outlets like Bloomberg or Reuters

Elon Musk's Net Worth Hits $447B as Tesla Stock Reaches $420.69 Following Trump Victory

Dec 12, 2024, 04:30 AM

Elon Musk's net worth has surged to a record $447 billion, making him the world's richest person and the first individual to surpass $400 billion, according to the Bloomberg Billionaires Index. The increase is driven by Tesla's stock reaching an all-time high of $420.69 per share, following a 69% rally since the election of Donald Trump as President. This recovery ends the longest and deepest drawdown in Tesla's history, with Tesla shares up 65% since the election. An insider deal has also seen SpaceX's valuation rise to $350 billion, further boosting Musk's wealth. Tesla's strong performance in China contributed to the surge, with sales reaching 21,900 units last week, marking the second-best week in 2024. Musk praised the team's efforts, stating, "Great work by Tesla China." Analysts have responded by raising their price targets for Tesla, with Daiwa Capital Markets increasing its target price to $420 from $285, Goldman Sachs raising it to $345 from $250, Morgan Stanley to $400 from $310, and Bank of America to $400 from $350.