Elon Musk and his string of companies will become even more valuable in 2024, in part due to his growing relationship with President-elect Donald Trump and the recognition he has gained from the incoming administration. Consultant appointed. Musk’s electric vehicle, space and artificial intelligence ventures have largely soared in value; sending entrepreneurs to extraordinary heights of wealth.
The continued rise in Musk-related companies since Trump’s election has pushed Musk’s net worth past $400 billion today (December 12), making him the first person to reach this milestone. Coupled with his new role as co-director of the newly created Department of Government Effectiveness (DOGE), 2025 will be an unprecedented year of power for Musk.
However, not all of the billionaire’s companies have prospered over the past 12 months. Musk’s $44 billion acquisition of X (formerly Twitter) continues to result in losses for investors. However, Tesla (TSLA) shares have continued to rise in recent months, closing at an all-time high yesterday (December 11), while SpaceX earlier this week became the world’s most valuable company with a $350 billion valuation Private startups.
Meanwhile, Musk’s bets on artificial intelligence, underground tunnels and neuroscience are paying off for the entrepreneur. Here’s how the billionaire’s businesses will perform in 2024:
Tesla: $1.3 trillion
Tesla is the only public company led by Musk, and its stock price has surged since Trump won the election in November. Yesterday, the company’s shares were up about 71% this year, reaching an all-time high of $425 for the first time since 2021. With a market capitalization of US$1.3 billion, Tesla is currently the eighth most valuable public company in the world.
The automaker’s revenue rose 8% annually to $25 billion in the quarter ended in September. In recent months, Musk has increasingly positioned Tesla as a company centered on autonomous driving, robotics and artificial intelligence.
SpaceX: $350 billion
Musk’s aerospace company SpaceX was recently valued at $350 billion in a secondary stock offering, adding $50 billion to the chief executive’s wealth. The company was last valued at $210 billion in its June takeover bid, meaning SpaceX has grown more than 66% in six months.
In 2024, the aerospace company also completed a test flight of a Starship prototype, and its booster was successfully recovered on land. The rocket is the world’s tallest and most powerful and is central to Musk’s dream of eventually colonizing Mars.
xAI: $50 billion
Last year, Musk founded xAI to join the artificial intelligence race. The startup’s main product so far is Grok, a chatbot that competes with products like OpenAI’s ChatGPT. It is available to Premium X subscribers and, as of recently, limited access was opened to free users of the social platform.
In November, xAI raised $5 billion in a funding round, valuing the artificial intelligence startup at $50 billion, more than double its May valuation of $24 billion. Venture capital firms Sequoia Capital and Andreessen Horowitz participated in this round of financing.
X, ex-Twitter: $12.5 billion
X is still worth over $10 billion, but that’s nowhere near what Musk will pay in 2022. .
However, the company has seen growth in recent months. Fidelity Investments valued its original X stake at $19.66 million two years ago and valued the stake at about $4.2 million in September. But by October, Fidelity said its holdings had recovered to $5.5 million, which would value X at about $12.5 billion.
Boring Company: $7 billion
The Boring Company is Musk’s solution to traffic congestion. The tunneling company, which aims to eventually enable widespread underground transportation, was last valued at more than $7 billion in October 2023. Capital and Vy led a funding round that raised $675 million for the startup.
Neuralink: $8 billion
Last year, Musk’s brain implant startup Neuralink was valued at $5 billion by private investors, more than double its nearly $2 billion valuation in a 2021 private financing round. The project focuses on implanting brain chips into human patients and allowing them to control computers with their thoughts. The first two implantations were completed in 2024. surgery.
