Tesla Stock Hits Record High, Musk's Net Worth Reaches 630 Trillion Won... First Ever Surpasses $400 Billion

Tesla Hits New High, Rising Nearly 5% Intraday
SpaceX Valuation Also Increases
Musk's Net Worth Estimated at $439.2 Billion
Bloomberg: "First Ever Net Worth Surpasses $400 Billion"

As the stock price of American electric vehicle company Tesla reached an all-time high, Tesla CEO Elon Musk became the world's first person to surpass a net worth of $400 billion (approximately 572 trillion KRW). The increase in the valuation of SpaceX, the space company founded by Musk, also significantly contributed to the expansion of his net worth. Bloomberg estimated Musk's net worth to be $439.2 billion (approximately 628 trillion KRW).

On the 11th (local time), as of 3:20 p.m. Eastern Time in the New York stock market, Tesla's stock price was trading at $420.12 per share, up 4.77% from the previous trading day.

This surpasses the previous record high of $409.97 (closing price on November 4, 2021). If Tesla's stock closes above $410 on this day, it will break the all-time high for the first time in about 3 years and 1 month.

Tesla's stock price had declined earlier this year due to a slowdown in the electric vehicle market growth, but surged sharply after Donald Trump was confirmed as the winner of the U.S. presidential election. Since Musk supported Trump from his candidacy period and emerged as a close confidant, his strengthened political influence is analyzed to be pushing the stock price upward. Tesla's stock price has soared about 65% since the election day on the 5th of last month. Expectations that the Trump administration might repeal the electric vehicle tax credit under the Inflation Reduction Act (IRA), which would deal a much bigger blow to other automakers than Tesla, and ease regulations on autonomous vehicles are also driving Tesla's stock price.

Wall Street is also raising Tesla's target stock price. Yesterday, Morgan Stanley raised Tesla's target price from $310 to $400. The investment rating was set to 'Overweight,' and Tesla was named the 'Top Pick' in the automotive sector.

The valuation of SpaceX, a private company founded by Musk, is also growing significantly.

Accordingly, Bloomberg reported that Musk's net worth has surpassed $400 billion. According to the Bloomberg Billionaires Index, Musk's net worth is estimated at $439.2 billion. SpaceX recently pursued an insider stock sale, which values the company at about $350 billion. As a result, Musk, who founded SpaceX and holds a substantial stake, saw his net worth increase by about $50 billion, bringing his total net worth close to $440 billion, Bloomberg explained. Musk is the first person in human history to have a net worth exceeding $400 billion.

The valuation of xAI, an artificial intelligence (AI) startup founded by Musk, is also estimated to have doubled to $50 billion in just half a year.

Bloomberg stated, "Elon Musk's net worth has surpassed $400 billion for the first time in history," and "Musk's wealth surged 66% after Trump's election victory."