Elon Musk’s Net Worth Jumps Up $7 Billion

Elon Musk’s net worth jumped $6.9 billion in a day as Tesla Inc.’s (NASDAQ: TSLA) falling stock recovered. The trend has continued for four days, during which time the shares have gained back 22% of their recent fall-off.

According to the Bloomberg Billionaires Index, Musk’s net worth stands at $348 billion, making him the richest person in the world. Tesla’s market cap is $927 billion, making it the world’s 10th most valuable company. It was recently passed as the world’s largest electric vehicle (EV) company based on revenue. China’s BYD moved ahead of it.

Tesla’s Troubles

Tesla’s sales have dropped by over 40% in the European Union during the year’s first two months. There are signs they have declined in the United States as well, as some potential buyers have been put off by Musk’s association with the Trump administration. Tesla is also losing out to other EV companies in China.

Another challenge Tesla has in the U.S. market is that the Trump administration may end a $7,500 EV tax credit. Most Tesla models qualify for some or all of that credit. If the price of Teslas and other EVs rises as the credit disappears, there is worry that what are already troubled EV sales in the United States could worsen.

The first sign of Tesla’s sales problems began last year. Deliveries worldwide declined by just over 1.1% to 1.8 million in 2024. A similar problem is happening at Ford, GM, and most other large legacy car companies. Americans still worry about the number of charging stations, charging time, and high prices for new EVs.

Musk’s Other Companies

Another contributor to Musk’s net worth is the most successful rocket maker in the world. SpaceX virtually controls the U.S. rocket business and is the leader in the industry worldwide. It has established itself as the preeminent rocket launch provider, lofting satellites, cargo, and people to space for NASA, the Pentagon, and commercial partners. It is building out a large network of Starlink satellites providing internet service. Some observers believe Musk’s relationship with President Trump could help him get additional business from the U.S. government.

Musk owns 42% of SpaceX and has 79% of the company’s voting shares. He can make decisions about SpaceX without challenge. SpaceX was recently valued at $350 billion.

Among Musk’s other holdings, the most valuable may eventually be xAI, a major rival to OpenAI in the race to control the future of AI. xAI recently raised $6 billion, which puts its value at between $40 billion and $50 billion. Musk owns over half of xAI. The valuation of OpenAI recently hit $157 billion.

Musk owns parts of several other companies, including social media platform X and implantable brain-computer interface operation Neuralink.

These Are the States Where the Most Drivers Are Going Green

The post Elon Musk’s Net Worth Jumps Up $7 Billion appeared first on 24/7 Wall St..