Elon Musk, the CEO of Tesla, has reached a new milestone in his financial journey with a net worth of $347.8 billion, according to the Bloomberg Billionaires Index. This achievement comes as Tesla’s shares surged by 3.8%, driven by optimism surrounding U.S. president-elect Donald Trump’s plans for autonomous cars and electric vehicles, which could potentially give Tesla a competitive edge in the market.
Musk’s support for Trump has been evident, especially after the president-elect survived an assassination attempt during a rally in Pennsylvania in July 2024. During the final stages of the campaign period, Musk actively campaigned for Trump and reportedly contributed over $170 million to a PAC supporting the Republican nominee.
The surge in Musk’s net worth is closely tied to the performance of his companies. Following Trump’s victory in the 2024 U.S. presidential elections, investors have shown increased confidence in Musk’s ventures. Tesla, in particular, has seen a 45% increase in its stock price since November 4, adding approximately $350 billion to its market capitalization. As a result, Tesla now boasts a valuation of $1.13 trillion as of the latest market close.
In addition to Tesla’s success, Musk’s artificial intelligence startup, xAI, has also received a significant boost. A recent funding round valued xAI at $50 billion, surpassing the $44 billion that Musk paid to acquire Twitter in 2022. Furthermore, SpaceX, Musk’s space exploration company, is reportedly considering a private share sale that could value the company at over $255 billion. Trump’s public support for SpaceX has further bolstered the company’s prospects, with the president-elect even visiting Starbase to witness Starship’s sixth test flight.
This recent milestone in Musk’s net worth surpasses his previous high of $340.4 billion, achieved in November 2021 during a period of remarkable growth for Tesla’s stock. With Musk’s companies continuing to attract investor interest and support, his financial success shows no signs of slowing down.
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