{"id":93544,"date":"2024-11-25T12:24:36","date_gmt":"2024-11-25T12:24:36","guid":{"rendered":"https:\/\/nationaltimes.pk\/eng\/?p=93544"},"modified":"2024-11-25T12:24:36","modified_gmt":"2024-11-25T12:24:36","slug":"elon-musk-becomes-richest-person-ever","status":"publish","type":"post","link":"https:\/\/nationaltimes.pk\/eng\/2024\/93544\/","title":{"rendered":"Elon Musk becomes richest person ever"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Pakistan(National Times)- WASHINGTON: Tesla CEO Elon Musk has reached a record-breaking personal wealth milestone, amassing a net worth of $348 billion,\u00a0<em>The News<\/em>\u00a0reported, citing\u00a0<em>Bloomberg Billionaires Index<\/em>. This achievement cements Musk\u2019s position as the richest individual in history. The surge in his wealth follows a sharp increase in Tesla\u2019s stock price, which gained momentum after Donald Trump\u2019s electoral victory. The rally in Tesla shares was fuelled by Wall Street optimism over the pro-business policies expected under US President-elect Donald Trump, who is known to have close ties with the billionaire entrepreneur. Tesla\u2019s stock has surged 40% since Election Day, climbing 3.8% on Friday alone to close at $352.56 \u2014 its highest price in over three years. This added $7 billion to Musk\u2019s fortune, pushing his net worth past the previous high of $320.3 billion \u2013 set during Tesla\u2019s pandemic-era surge in November 2021. Musk\u2019s close ties with Trump have fuelled investor confidence. After endorsing Trump earlier this year, Musk donated over $100 million to his campaign. He has been appointed chair of the new \u201cDepartment of Government Efficiency\u201d (DOGE), where he will work alongside biotech entrepreneur Vivek Ramaswamy. Wall Street analysts view the incoming administration\u2019s anticipated deregulation efforts as a significant advantage for Tesla, particularly for its Full Self-Driving initiatives, which have faced regulatory scrutiny. Beyond Tesla, Musk\u2019s ventures in artificial intelligence and aerospace have further expanded his wealth. His 60% stake in xAI, a private AI firm valued at $50 billion, added $13 billion to his fortune. Meanwhile, his 42% stake in SpaceX, valued at $210 billion in a June tender offer, contributed $88 billion. Speculation around SpaceX\u2019s upcoming funding round, which could value the company at $250 billion, suggests Musk\u2019s net worth might climb even higher, potentially adding $18 billion to his fortune. Musk\u2019s current net worth puts him $80 billion ahead of Larry Ellison, Oracle\u2019s chairman, who holds the title of the world\u2019s second-richest individual with $235 billion. Most of Musk\u2019s wealth stems from his 13% stake in Tesla, currently valued at $145 billion and his pending 9% equity award in the company. However, despite his historic fortune, Tesla shares remain about 14% below their all-time high from late 2021. Meanwhile, the broader S&amp;P 500 index has risen 27% since then.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Pakistan(National Times)- WASHINGTON: Tesla CEO Elon Musk has reached a record-breaking personal wealth milestone, amassing a net worth of $348 billion,\u00a0The News\u00a0reported, citing\u00a0Bloomberg Billionaires Index. This achievement cements Musk\u2019s position as the richest individual in history. The surge in his wealth follows a sharp increase in Tesla\u2019s stock price, which gained momentum after Donald Trump\u2019s [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":93545,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-93544","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-international","entry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Elon Musk becomes richest person ever - Nation<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationaltimes.pk\/eng\/2024\/93544\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Elon Musk becomes richest person ever - Nation\" \/>\n<meta property=\"og:description\" content=\"Pakistan(National Times)- WASHINGTON: Tesla CEO Elon Musk has reached a record-breaking personal wealth milestone, amassing a net worth of $348 billion,\u00a0The News\u00a0reported, citing\u00a0Bloomberg Billionaires Index. 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