Boosted by a 3.8% rise in Tesla’s stock on Friday and a new funding round that valued his AI startup, xAI, at $50 billion, Elon Musk, the world’s richest person now has a net worth of $347.8 billion, according to the Bloomberg Billionaires Index.
This surpasses Elon Musk’s previous record of around $340.4 billion set in 2021.
The Tesla and SpaceX CEO has seen his net worth increase by an unmatched $117.8 billion this year, putting him over $128 billion ahead of Amazon founder Jeff Bezos, who is currently worth $219 billion.
Tesla’s stock has surged since Donald Trump’s victory in the US presidential election, closing at $352.56 on Friday as investors speculate that the electric vehicle maker will benefit from Musk’s close relationship with the president-elect.
According to Mark Malek, the chief investment officer at Siebert, “some sort of premium has been placed on the stock as a result of Musk’s very public involvement in Trump’s campaign.”
Elon Musk actively supported Trump on X, and his super PAC spent an estimated $200 million to aid the former president’s return to office, reported the Associated Press.
Tesla’s stock has risen 42% this year, though it remains below its all-time high of $410 on November 4, 2021. The company’s market capitalization has grown to more than $1.1 trillion, surpassing Warren Buffett’s Berkshire Hathaway, which stands at $1 trillion.
Musk’s approximately 13% stake in Tesla has significantly increased in value, making his personal fortune around $348 billion. This wealth comfortably exceeds Salesforce’s market cap of $327 billion.
Musk’s recent wealth surge is also attributed to a funding round at xAI, which raised $5 billion, giving the startup a $50 billion valuation, according to The Wall Street Journal.
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