Elon Musk hits staggering $648 billion, making him more than twice as wealthy as runner-up
Elon Musk’s wealth has reached an astonishing $648 billion, making him the world’s wealthiest person by a wide margin, with a net worth more than double that of the second-richest individual. His fortune has surged by $178 billion in just two days, resulting in a year-to-date gain of $216 billion, as investors celebrated Tesla’s successful driverless taxi tests in Texas.
Musk’s wealth increase this year alone surpasses LVMH Bernard Arnault’s entire fortune, making him wealthier than some of the most valuable US companies. Even if the $216 billion gain was Musk’s total fortune, he would still rank as the sixth-richest person globally, ahead of prominent figures like Microsoft CEO Steve Ballmer and the heirs of the Walmart fortune.
Tesla’s stock closed at an all-time high of $490 following the announcement of successful autonomous taxi tests in Austin, Texas. Musk’s 12% stake in Tesla, valued at around $200 billion, has significantly contributed to his soaring wealth. Additionally, reports of SpaceX doubling its valuation to $800 billion during a secondary share sale have further boosted Musk’s fortune.
SpaceX is reportedly preparing for an initial public offering in the second half of 2026, with Musk holding meetings with bankers in a process known as a “bake off.” This IPO could potentially be one of the largest in history, according to the Wall Street Journal.
Musk’s net worth now surpasses the valuations of major companies like Oracle, Mastercard, and Johnson & Johnson. This remarkable turnaround comes after a period of uncertainty earlier this year when Tesla’s stock dropped due to concerns over Musk’s involvement in cost-cutting measures at the White House.
Despite facing challenges, Musk’s net worth continues to climb, with the possibility of becoming the world’s first trillionaire after Tesla shareholders approved a $1 trillion pay package for him. This package includes ambitious performance goals such as achieving a $2 trillion valuation, producing 20 million vehicles, and delivering 1 million Optimus humanoid robots over the next decade.
