Elon Musk's Net Worth Surges Toward $400 Billion

Investing

Published: December 11, 2024 8:15 am

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Key Points

Morgan Stanley named Tesla Inc. (NASDAQ: TSLA) a top stock pick.
Elon Musk’s net worth still has plenty of room to run.
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Elon Musk got two pieces of good news. Morgan Stanley named Tesla Inc. (NASDAQ: TSLA) a “top pick” investment and raised its price target from $310 to $400. Tesla’s stock closed the day at $405, driving a market cap of $1.28 trillion. His rocket company SpaceX’s valuation rose to $350 billion, up over 50% from the figure three months ago.

Among Morgan Stanley’s primary reasons for upgrading the shares was expected ongoing success in China, the world’s largest electric vehicle (EV) market. Tesla sold 21,900 vehicles there in the first week of December, a record. Morgan Stanley also pointed to a “new administration” as Donald Trump entered office and Tesla moved into autonomous vehicles. Musk owns 20.5% of Tesla.

Musk’s Other Holdings

SpaceX virtually controls the U.S. rocket business and is the leader in the industry worldwide. Bloomberg reports, “SpaceX has established itself as one of the industry’s preeminent rocket launch providers, lofting satellites, cargo and people to space for NASA, the Pentagon and commercial partners, and is building out a large network of Starlink satellites providing internet service.” Musk owns 42% of SpaceX and has 79% of the company’s voting shares. He can make decisions about SpaceX without challenge.

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

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

The extraordinary thing about Musk’s net worth is the values of SpaceX, Tesla, and xAI could go higher.

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