Elon Musk Net Worth Hits $348B: World’s Richest Man, Thanks to Tesla & xAI Boom

Elon Musk, the richest person in the world, has significantly widened the wealth gap with other billionaires. His current net worth stands at an astonishing $348 billion, putting him $129 billion ahead of Amazon founder Jeff Bezos and $142 billion above Oracle’s Larry Ellison. Musk also leads in year-to-date (YTD) wealth growth, adding $119 billion to his fortune in 2024—a $35.8 billion edge over Ellison’s $83.2 billion YTD increase.

The massive surge in Musk’s wealth is largely driven by the success of Tesla and his AI startup, xAI. Here’s a closer look at how these ventures are fueling his financial success.

Elon Musk’s Net Worth Soars to $348 Billion 

Elon Musk continues to dominate the global billionaire rankings, outpacing Jeff Bezos, Larry Ellison, Mark Zuckerberg, and Bernard Arnault. Reports show that his net worth has consistently grown over the years, with recent months seeing an especially sharp increase. Analysts credit this surge to Musk’s leadership in two high-impact sectors: electric vehicles and artificial intelligence.

Tesla Stock Performance 

At the start of this month, the price of Tesla Inc was as low as $248.77. Between November 4 and 11, it sharply climbed by over 43.95%. In the last one week alone, it grew at least 4.07%. The Tesla market reports a YTD growth of 42.09%. However, the current price of Tesla stands at least 14.30% lower than its 2021 peak of $411.39, indicating that there is more room for growth in the market.  

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xAI’s Rapid Growth and Valuation 

Musk’s AI startup, xAI, has also played a major role in his skyrocketing net worth. Founded in March 2023, xAI is focused on unraveling “the true nature of the universe.”

In less than a year, xAI’s valuation has doubled, rising from $24 billion in May to $50 billion after its latest funding round.

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