Elon Musk's net worth is now more than the market capitalization of most of the listed companies in the U.S. and the world.
What Happened: The SpaceX and Tesla Inc. (NASDAQ:TSLA) CEO's net worth stands at $384 billion, according to the Bloomberg Billionaires Index, adding $155 billion in 2024 alone.
Musk's net worth puts him over $140 billion ahead of Amazon.com Inc. founder Jeff Bezos, who holds the second position in the list with a net worth of $244 billion.
Only 25 listed companies have a higher market capitalization than Musk's skyrocketing net worth, according to data from CompaniesMarketCap.
Bank of America Corp., Johnson & Johnson, Salesforce Inc., Chevron Corp., Coca-Cola Co., and Merck & Co Inc., among others, are a few U.S.-based companies that have a market capitalization in the range of $260 billion to $360 billion, lower than Musk's net worth.
Other global companies like LVMH Moet Hennessy Louis Vuitton, AbbVie Inc., SAP, ASML Holding NV, Hermes International, and Samsung Electronics Co. Ltd., are some of the other big companies with a market capitalization that falls below Musk's net worth.
Why It Matters: Musk isn't alone in raking it in, though. The 10 biggest wealth gainers globally have seen their fortunes grow by a combined $506.4 billion this year, according to the Bloomberg Billionaires Index.
For context, just the addition by the top 10 billionaires in 2024 is more than the market value of giants like Exxon Mobil Corp., Mastercard Inc., and Costco Wholesale Corp. They have a market capitalization ranging from $440 billion to $500 billion.
Big names like Larry Ellison, Jensen Huang, and Mark Zuckerberg are also on the list. Ellison has added $73.7 billion in wealth during 2024 so far.
Nvidia Corp.'s Huang, often referred to as the "Godfather of AI," added $74.1 billion in wealth, taking his total net worth to $118 billion. Warren Buffet, on the other hand, added $24.9 billion this year totaling his net worth to $145 billion.
Then there's Zuckerberg with Meta Platforms Inc.'s big bets on AI and the metaverse, adding $90.9 billion to his wealth, bringing it to $219 billion.
What's Driving This?
AI and Trump's reelection are the clear frontrunners in this scenario. Companies like Tesla and Nvidia have capitalized on the AI boom, while Meta and Oracle have successfully harnessed new technologies. Tesla stock has climbed more than 61% so far in 2024, boosting investor wealth by nearly $490 billion. The company's market value has grown significantly, jumping from $797 billion at the start of the year to $1.287 trillion by the close of trading on Tuesday.
The markets have also been resilient this year with S&P 500 hitting 56 new highs. The Dow also hit a record eight 1,000-point milestones this year.
- Is The 26-Month Bull Market Over? Here Is What Carson Research's 50-Year-Old Study Tells Us
Photo courtesy: Shutterstock
