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The new wealth record has been driven by a Tesla stock surge late last week and a $50 billion funding round for Musk’s AI startup.
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Tesla CEO and tech billionaire Elon Musk is now richer than ever, with his net worth soaring to $348 billion, a new record high stemming from Donald Trump’s victory in the United States presidential election.
Elon Musk’s net worth hit an all-time high of $347.8 billion by the end of trading on Friday, Nov. 22, propelled by Tesla’s stock (TSLA) rally and a new $50 million funding round valuing his artificial intelligence startup xAI at $50 billion.
The previous peak of $335 billion was reached on Nov. 12, with Musk seeing almost a billion dollars per day added to his net worth over the past fortnight. Since the beginning of the year, Musk’s net worth has increased by 52%, which equates to a whopping $119 billion, according to the Bloomberg Billionaires Index.
The entrepreneur is now more than $80 billion richer than the next wealthiest person, his long-time friend and Oracle chairman Larry Ellison, with $235 billion.
Elon Musk’s net worth over time. Source: Bloomberg
Tesla stock climbed 3.8% on Nov. 22 to reach $352.56 by the close of trading. Shares in the electric automaker have almost doubled over the past six months and are now just 15% away from their all-time high of $407 hit three years ago in November 2021, according to Google Finance.
The stock has surged 45% since Nov. 4, the day before the election, adding about $350 billion in market value.
Musk’s fortune comes primarily from his 13% stake in Tesla, worth $145 billion, and his 42% stake in SpaceX, which was valued at $210 billion in June.
His net worth may increase by a further $18 billion from SpaceX, which is set to initiate a tender offer round next month valuing the company at more than $250 billion, according to reports.
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Elon Musk, who also owns microblogging platform X, recently joked about purchasing left-leaning news outlet MSNBC.
On Nov. 21, Comcast announced that it intends to spin off its cable companies, including CNBC and MSNBC, which is what led Musk to ask, “How much does it cost?” on Nov. 23 in response to Donald Trump Jr. commenting, “I have the funniest idea ever!!!” and tagging Elon Musk in response to the news.
“If you buy MSNBC, I would like Rachael Maddow’s job. I will wear the same outfit and glasses, and I will tell the same lies,” quipped Joe Rogan.
Source: Donald Trump Jr.
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This article first appeared at Cointelegraph.com News
