Elon Musk, who is worth $468 billion, nearly doubled his net worth in 2024, owing in no small part to the stock market's rally after Donald Trump's election victory.
The five billionaires who gained the most wealth in 2024 saw their net worths climb a collective $542 billion; this surge was largely fueled by tech stock performance.
Some billionaires whose money comes from luxury retail, which struggled this year, lost double-digit billions due to an overall downturn in the luxury market.
Musk’s relationship with the soon-to-be president has led investors to believe that his companies will benefit, a sentiment reflected in the increase of his wealth.
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