It happened. With Tesla's stock price soaring, Elon Musk's net worth ended the week at $350 billion.
At $350 billion, Elon has broken his own record for richest person of all time. He first broke the record back in November 2021 when his net worth very briefly topped $340 billion. His fortune didn't even stay at $340 billion for a full day. He ended November 4, 2021, back down around $330 billion. But by crossing the $340 barrier, even briefly, Elon officially topped a record that had been held by John D. Rockefeller for 80 years.
After three weeks of ups and downs and lots of hype, on Friday, Elon smashed through $340 billion. Elon's net worth has increased by $120 billion this year. And if you think that's impressive – Of that $120 billion gain, $100 billion has come in just the last 30 days.
(Photo by Andrew Harnik/Getty Images)
As you may have heard (we have been covering this story pretty closely), Elon was one of Donald Trump's most famous, most vocal, and most generous supporters. Elon personally invested $130 million of his own money to help get Donald elected.
And with Donald winning, there is a lot of speculation and hype that Elon's generosity on the campaign trail will be richly rewarded under a Trump administration.
Tesla stock traded at $250 a share on election day. A day later, it jumped to $288. By the end of that week, it was above $300.
I actually predicted this would happen in a group chat with some friends who like to discuss stocks. Unfortunately, I wasn't courageous enough to put my money where my mouth was in that first post-election week.
I did finally succumb to the hype, but not until November 11, at 8 am PST, when I bought some shares in my personal investment account. I paid $349 a share. Please consider this a disclaimer that I own some Tesla shares in a retirement investment account. I am historically a terrible stock picker. I do things like buy Tesla at the hypiest hype point possible. You should not consider this article to be investment advice.
Case and point: I felt like a real idiot a few days later when Tesla sunk back down to $311. But now I'm feeling like a total Gordon Gecko genius again at $352 a share. Huzzah!
The volatility of Tesla's stock – and, by extension, Elon Musk's net worth – serves as a reminder that even the wealthiest person in history isn't immune to the market's wild swings. My own amateur investment journey with Tesla shares perfectly illustrates this rollercoaster: One week, I'm kicking myself for buying at $349, and the next, I'm patting myself on the back at $352.
Will this latest wealth milestone hold? If history is any guide, the only certainty is uncertainty.
What we do know is that we're witnessing history – both in terms of personal wealth accumulation and the broader implications for market dynamics in a post-election landscape. Whether you're a Tesla bull or bear, a small retail investor like me, or just a fascinated observer, one thing is clear: The intersection of technology, politics, and markets continues to create unprecedented moments in financial history.
And speaking of financial history… CelebrityNetWorth recently launched a newsletter called "Deep Pockets" that tells fascinating stories about history's greatest fortunes. We send one email a week on Saturday mornings. You can subscribe to it right here. We have not done a story about John D. Rockefeller, but we did do a story recently on one of his contemporaries.
100 years ago, the three richest people on the planet were:
- #1: John D. Rockefeller
- #2: Henry Ford
- #3: William A. Clark
You know Rockefeller and Ford, but – be honest – had you heard the name William A. Clark prior to 10 seconds ago?
Though his name seems to have been lost to time, William A. Clark's legacy absolutely still touches our world today. And not in subtle ways. One of the most important cities in America would not exist today without William A. Clark. In fact, I bet most people reading this newsletter have been to this city, seen his name all over, and had no idea what it was referencing.
So, who was William A. Clark? How did he earn what was once one of the largest fortunes in the world? Subscribe to Deep Pockets and you'll find out in a few weeks!
