TSLA: Tesla Stock Hits Record as Musk Becomes First Person to Flex $400B Net Worth

“The rich get richer” has never been more relevant after the Tesla CEO added $62 billion on Wednesday and is now worth $447 billion.

• Tesla stock TSLA soared to a new record closing high of $424.77 surpassing its 2021 record and making Elon Musk $62 billion richer in a day. The Tesla CEO is now worth a mind-boggling $447 billion, or about $200 billion more than the second person on the list, Amazon AMZN founder Jeff Bezos. Musk’s close ties to President-elect Donald Trump have boosted his fortunes by 77% since Election Day November 5.
• Since that day, Tesla shares have rocketed by 75%, soaking up roughly $500 billion to cross $1.3 trillion in valuation. Musk owns a Tesla stake of about 13%, which translates to nearly $170 billion. So where is the rest coming from? His other companies have enjoyed huge valuation pumps, especially SpaceX and xAI. Space exploration company SpaceX recently had an insider share sale, which valued it at $350 billion.
• As to xAI, Musk’s AI startup that rivals ChatGPT parent OpenAI, it recently raised $5 billion to increase its valuation to $50 billion just two years after inception. Musk’s fortunes, while mostly on paper and locked up in shares, have become a point of heated discussions with some arguing he could solve world hunger and others saying his actual intentions to get involved with politics may not be as people-first as he claims.