Elon Musk Is Worth a Record $648B, More Than Oracle or Mastercard

Core Insights - Elon Musk's net worth has reached a record $648 billion, with a year-to-date gain of $216 billion, surpassing the entire fortune of LVMH CEO Bernard Arnault [1][2] - Tesla's stock price closed at an all-time high of $490, significantly contributing to Musk's wealth increase, alongside a doubling of SpaceX's valuation to $800 billion [2][5] - Musk's wealth is more than double that of the second richest individual, Larry Page, and exceeds the market values of major companies like Oracle and Mastercard [3][4] Company Performance - Tesla's stock has seen a remarkable recovery, with a significant rally following a period of decline earlier in the year, driven by investor optimism regarding AI and autonomous vehicle development [5][6] - The approval of Musk's pay package by Tesla shareholders could potentially make him the world's first trillionaire if he meets specific performance milestones [8] Industry Trends - The surge in stock prices for Tesla and other major tech companies is largely attributed to the excitement surrounding AI advancements, with Musk investing heavily in AI for Tesla's products [6][7] - Key shareholders in the AI sector, including Musk, have experienced substantial wealth gains, reflecting the broader market trends influenced by AI developments [7]