In an ever-changing political and financial landscape, Elon Musk has not only manoeuvred through the turbulence of a public political campaign and internal corporate upheaval but has also achieved an unprecedented milestone in wealth accumulation. For the fourth consecutive year, Musk has topped the annual Forbes 400 list of the richest Americans, showcasing a staggering estimated net worth of $428 billion, which sets a record as the first ever to surpass the $400 billion mark on the list.
During the last year, Musk’s fortune has seen an explosive increase, specifically, a remarkable $184 billion, the largest one-year gain reported in the history of the Forbes 400 rankings. This sum eclipses the previous record set by Musk himself in 2021, where he gained $122 billion. Such meteoric rises demonstrate not only Musk’s business acumen but also illustrate the depth of investor confidence in his ventures.
Trailing Musk are Oracle co-founder Larry Ellison at a net worth of $276 billion and Meta co-founder Mark Zuckerberg at $253 billion, with both figures significantly dwarfed by Musk’s wealth, encompassing a difference of over $150 billion—an amount equivalent to Warren Buffett’s entire net worth, ranked ninth at $115 billion.
Musk’s financial journey is heavily rooted in his steadfast commitment to Tesla, which remains his principal publicly listed asset. Despite facing challenges, including a 13% decline in vehicle sales in the first half of 2025 and a disappointing launch of a highly anticipated robo-taxi service, shares of Tesla surged by 56% since last year’s listing. Much of this increase occurred in the last year, peaking during a period of investor fervour linking Musk’s rise to a closer relationship with then-president-elect Trump. However, shares have dipped by around 25% since reaching their peak.
Musk’s relationship with Tesla is further underscored by an impending decision from the Delaware Supreme Court regarding stock options awarded by Tesla’s board in 2018, currently valued at an eye-watering $94 billion. The board’s efforts over the last few months to propose yet another performance-based compensation plan worth close to $1 trillion underscore the company’s aspiration of growing its market capitalisation to $8.5 trillion. This intent goes hand-in-hand with the assertion that such measures are essential to keeping Musk’s “time, energy, and considerable talents” directed at Tesla.
As if the complexities of Tesla weren’t enough, Musk is also entangled in the soaring success of SpaceX. The aerospace manufacturer has soared to a new worth of $400 billion, significantly up from $210 billion last year, making it the second most valuable privately held company globally, just behind OpenAI. Musk’s 42% stake in SpaceX is now valued at approximately $168 billion. The company’s success has been bolstered by its competitive edge in government contracts for payload launches, particularly in the face of previous political clashes.
On another front, Musk’s ambitions have led him to the realms of artificial intelligence through xAI Holdings. Following a lucrative merger between xAI and Twitter, now dubbed X, Musk is steadily climbing the valuation ladder again, with X currently valued at $33 billion and xAI at $80 billion. With aspirations for even greater financial investments, Musk’s ventures appear insatiable, particularly in an ongoing competitive feud against OpenAI, which has spiralled into a series of lawsuits and counterclaims igniting a public discourse around ethical AI development.
Despite the windfall of wealth, Musk’s lifestyle diverges from some of his equally wealthy contemporaries. No extravagant property purchases for him; rather, he reportedly utilises basic accommodations in federal office buildings while frequently jetting between his business locations. His most significant purchase may be a $35 million compound in Austin for his growing family. Musk appears less interested in opulence than in fostering his expansive corporate empire, moving around with a focus that mirrors his business pursuits.