Musk's net worth surged by $70 billion after the recently-concluded US presidential election, with his company Tesla's stock price rising by a whopping 40% fueled by investor optimism.
Elon Musk is breaking his own records. With a $70 billion boost to his net worth following Donald Trump’s win, Musk is now officially richer than anyone could have predicted—again.
Tesla’s stock is soaring, his AI company xAI is skyrocketing, and the billionaire’s net worth is climbing thanks to his multiple ventures and growing political influence. On Nov 22, his net worth surpassed $340 billion, according to the Bloomberg Billionaires Index.
Elon Musk's net worth hits the $340 billion mark post-election.
Following Trump's presidential win, Nov 5 marked a turning point for Musk’s fortune. Tesla's stock price skyrocketed by 40% in the days following the election, fueled by investor optimism.
By the Nov 22 market close, Musk's net worth hit a record $321.7 billion, bolstered by a $7 billion gain from Tesla's 3.8% rise, hitting a new 3.5-year high. This surpasses his previous high of $320.3 billion set in November 2021 during Tesla's pandemic-era growth. His current net worth is estimated at a record $347.8 billion.
Many believed that Elon Musk's influence within the Trump administration could lead to favorable regulations for Tesla. As the company’s largest shareholder, the Space X CEO’s net worth surged by an estimated $83 billion after the election.
On the other hand, impressed by Elon Musk’s efficiency and financial success, the President-elect has placed him at the helm of the 'Department of Government Efficiency (DOGE),' named after a memecoin. Musk's AI venture boosts his wealth to a new high.
According to The Wall Street Journal, Musk's AI company, xAI, has skyrocketed in valuation, more than doubling to $50 billion in recent weeks. Musk's 60% stake in the company added an extra $13 billion to his wealth. This marks a $70 billion increase from Election Day.
According to Forbes valuation, Musk's net worth has skyrocketed from under $200 billion six months ago to surpassing $315 billion. He is now over $80 billion richer than his closest competitor, Larry Ellison, who has $235 billion.
Musk’s 13% stake in Tesla is valued at $145 billion. A potential 9% equity award (pending court appeal) could add more.
His 42% stake in SpaceX, valued at $210 billion, contributes $88 billion to his fortune.
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