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Report
Elon Musk is in a league of his own
The Street
Follow
12/12/2024
He now has a net worth no one in history has ever achieved.
Category
🥇
Sports
Transcript
Display full video transcript
00:00
I'm Conway Gittins reporting from the New York Stock Exchange.
00:03
Here's what we're watching on the street today.
00:04
The New York Stock Exchange was buzzing this morning with President-elect Donald Trump
00:08
on hand to ring the opening bell.
00:11
However, there was a minor stock market retreat on the back of disappointing inflation numbers.
00:16
Investors also took note of the biggest jump in weekly jobless claims in two months.
00:21
242,000 new unemployment applications were filed for the week ended December 7th.
00:27
In other news, a new milestone for the world's richest man.
00:31
Elon Musk is now the first person ever to be worth more than $400 billion, according
00:36
to calculations done by the Bloomberg Billionaires Index.
00:40
The distinction is due in no small part to a surge in Tesla shares since the re-election
00:45
of Donald Trump.
00:46
Musk was a fervent backer of Trump during the campaign and continues to work with Trump's
00:51
transition team.
00:52
Musk's foray into politics has already reaped rewards as he was able to turn Trump from
00:58
a vocal EV naysayer to a vocal EV supporter.
01:03
Investors expect more to come.
01:05
Musk is Tesla's biggest shareholder and has seen the stock surge 65 percent just since
01:10
the November election, giving a boost to his wealth.
01:14
But that's not the only source of his increasing fortune, at least on paper.
01:18
SpaceX saw its valuation jump 67 percent between June and December, according to Bloomberg.
01:23
His artificial intelligence startup X.A.I. has more than doubled in value, as reported
01:29
by the Wall Street Journal.
01:31
All said, the Bloomberg Billionaires Index puts him roughly $136 billion richer than
01:36
he was before the election, which includes a disputed Tesla pay package that's now worth
01:42
about $120 billion.
01:45
The only person close to being as rich as he is, is Jeff Bezos, who's running a distant
01:50
second at $250 billion.
01:54
That'll do it for your daily briefing from the New York Stock Exchange.
01:57
I'm Conway Gittens with the Street.
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