Musk’s Net Worth Approaches $450 Billion Following Surge in Tesla Stock

As of December 11, Musk’s net worth was reported at $447 billion, based on figures from the Bloomberg Billionaires Index. His wealth eclipses that of the second-richest person, Amazon founder Jeff Bezos, who has a net worth of $249 billion, by over 79 percent.

Musk’s recent financial gains coincide with the dramatic rise in Tesla shares after President-elect Donald Trump won re-election. Additionally, Musk has been appointed to co-lead the Department of Government Efficiency (DOGE) during Trump’s second term, partnering with former Republican presidential candidate Vivek Ramaswamy.

Wealth-management firm Wedbush remains optimistic about Tesla’s future growth, predicting that the vehicle manufacturer could achieve a market valuation of $2 trillion next year, as noted in a December 12 X post by Dan Ives, managing director of the company. Currently, Tesla boasts a market capitalization of $1.3 trillion.

The Cybercab, also known as a robotaxi, is a five-seater autonomous vehicle that operates without pedals or a steering wheel. Musk introduced the Cybercab in October, with an expected price tag of under $30,000 and operating costs of just $0.20 per mile.

Despite the positive outlook, challenges may loom for Tesla. In an October report, DBS Bank cautioned that “lower-than-anticipated sales volumes could pose risks to Tesla’s profitability, especially as competition in the EV market intensifies, referencing growing competition and significant sales growth from Chinese OEM leaders such as BYD,” the report noted.

Any adverse effects on Tesla’s earnings could lead to a decline in its stock prices and Musk’s wealth. Last year, over 22 percent of Tesla’s revenue was generated from China, as per data from Statista.

Tesla Safety Concerns and Musk’s Ventures

Tesla has faced criticism regarding its autonomous and FSD systems. In April, the company opted to settle a lawsuit filed by the family of an individual who died in 2018 while using Autopilot in a Tesla. The family contended that the Autopilot feature was faulty and was responsible for the fatality.

An investigation by the National Transportation Safety Board revealed that the driver had likely been distracted for five seconds, which contributed to the incident. Nonetheless, the agency noted that the system “lacked an effective means of monitoring the driver’s engagement with the driving task.”

While Tesla continues to play a significant role in Musk’s vast fortune, he is also involved in several other major enterprises. He reportedly has a 79 percent ownership stake in the social media platform X and around 42 percent of SpaceX shares.

Musk has investments in artificial intelligence company xAI, neurotechnology firm Neuralink, and infrastructure venture The Boring Company.

DOGE is not a governmental agency but rather an advisory board focused on identifying methods to minimize excessive regulations, reduce wasteful government spending, and reform federal departments.