Elon Musk becomes richest man in history, report says

Elon Musk has broken a historic record, becoming the wealthiest person in history with an estimated net worth of $334.3 billion, Ynetnews reported. Musk's wealth surged by $70 billion in just 20 days —a figure exceeding the annual GDP of several nations.

This meteoric rise is attributed to several key developments. Tesla shares climbed 3.8%, reaching a three-and-a-half-year high of $352.56 per share.

The Wall Street Journal reported that Musk's artificial intelligence company, xAI, has reached a valuation of $50 billion, with Musk holding a 60% stake.

Another major factor contributing to Musk's wealth increase is U.S. President-elect Donald Trump's election victory. Musk, who donated hundreds of millions to Trump's campaign, is expected to be appointed chair of the "Department of Government Efficiency" (DOGE), a role aimed at reducing bureaucracy in U.S. agencies.

Wall Street analysts predict Tesla will benefit significantly from regulatory relief under a Trump administration, particularly regarding its autonomous vehicle programs.