Tesla chief Elon Musk is now the richest individual in history. His net worth is...

Elon Musk's ventures beyond Tesla have also played a crucial role in his wealth accumulation.

Elon Musk, CEO of Tesla and SpaceX, has officially become the wealthiest individual in history, with a net worth of $334.3 billion, according to Forbes. This milestone follows a notable rally in Tesla's stock, which surged on heightened Wall Street confidence tied to the pro-business policies expected from US President-elect Donald Trump, an ally of Musk.

Tesla's stock has soared by 40 per cent since the US presidential election, including a 3.8 per cent rise on Friday that brought shares to $352.56, their highest value in over three years. This recent increase added $7 billion to Musk’s wealth, surpassing the previous record of $320.3 billion, set during Tesla's pandemic-driven boom in November 2021.

A significant portion of Musk'sfortune stems from his 13 per cent stake in Tesla, valued at $145 billion, alongside a pending 9 per cent equity award in the company.

Musk’s alignment with Trump has further bolstered investor optimism. Earlier this year, Musk endorsed Trump and contributed over $100 million to his campaign. Musk has also been appointed chair of the newly established Department of Government Efficiency (DOGE), working alongside biotech entrepreneur Vivek Ramaswamy. Analysts believe the administration's anticipated deregulation efforts will particularly benefit Tesla's Full Self-Driving programme, which has faced regulatory scrutiny in the past.

Musk's ventures beyond Tesla have also played a crucial role in his wealth accumulation. His 60 per cent stake in the artificial intelligence firm xAI, valued at $50 billion, has added $13 billion to his net worth. Additionally, his 42 per cent stake in SpaceX, valued at $210 billion following a June tender offer, has contributed another $88 billion.

Speculation about SpaceX’s upcoming funding round, which could push its valuation to $250 billion, suggests Musk’s wealth could increase by an additional $18 billion.

Musk’s net worth now places him $80 billion ahead of Larry Ellison, the chairman of Oracle, who ranks as the world’s second-richest individual with a net worth of $235 billion.