Tesla CEO Elon Musk’s net worth reached a record US$684.3 billion (AU$1 trillion) on Tuesday after the electric automaker finally broke its record stock price, recovering about one year after reaching its previous high.
Tesla was trading at $488.54 when markets closed on Tuesday, finally reaching its previous record set in December 2024.
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Key Facts
The windfall for Musk comes only days after a tender offer valued his rocket company SpaceX at $800 billion, making him the first person in history worth more than $600 billion.
Tesla’s share price was $489.88 when markets closed on Tuesday, narrowly ahead of the company’s previous record high of $488.54 in December 2024.
Tesla’s stock cratered earlier this year, plunging after a post-election rally while Musk headed the Trump administration’s Department of Government Efficiency, but slowly recovered after the billionaire CEO left the White House in May.
Key Background
Tesla shares began climbing on Monday after Musk confirmed the company began testing self-driving robotaxis without drivers. “Testing is underway with no occupants in the car,” Musk wrote in a brief post on X, the social media company he also owns. Tesla’s share price has ticked upward since October, after the company posted $28.09 billion in revenue for its third quarter, well ahead of projections, and delivered a record 497,099 electric vehicles over the same period.
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