Elon Musk at an event in Pennsylvania in support of candidate Donald Trump. Photo: Ryan Collerd/ AFP/Profimedia
Elon Musk, the CEO of Tesla and SpaceX, has once again set a new record by becoming even richer. His net worth reached an impressive $347.8 billion on Friday, thanks to the rise in Tesla shares and the $50 billion valuation of his artificial intelligence startup xAI, Bloomberg reports.
The sharp rise in the value of Musk’s businesses came amid Donald Trump’s victory in the US presidential election, which drew increased attention to Musk, who has been called the Trump administration’s “first friend”.
Tesla at the peak of popularity
On Friday, Tesla shares jumped by 3.8%, demonstrating investors’ optimism about the president-elect’s policies. The Trump administration’s plans to expand subsidies for electric vehicles and develop self-driving vehicles are expected to give Tesla a competitive advantage.
Since 4 November, on the eve of the election, Tesla shares have risen by 45%, adding about $350 billion to the company’s market capitalisation.
xAI and SpaceX conquer new heights
Musk’s artificial intelligence startup xAI has also become one of his most profitable assets. The company’s value has doubled since its last funding round in May, and Trump’s victory has stimulated investor interest, the Wall Street Journal reports.
SpaceX also remains in focus: Musk and Trump attended the company’s launch together on Wednesday. A new round of private sales of SpaceX shares is being discussed, which could raise its market value to more than $250bn.
A new record among billionaires
According to the Bloomberg Billionaires Index, Musk has once again become the richest person in the world, surpassing his own record of $340.4 billion set in November 2021.
More than two-thirds of his wealth comes from Tesla shares and options, which have risen by 35% since the election. Musk is now strengthening his position not only as a technological innovator, but also as one of the most influential people in the world of business and politics.
