ALBAWABA - Elon Musk's fortune has skyrocketed by $70 billion since Donald Trump claimed the US elections, hitting a record-breaking $347.8 billion on Friday, according to Bloomberg, and setting a new record for the wealthiest person in the world.
The rise has been largely driven by Tesla, the stock of which increased 3.8% on Friday and has risen 45% since November 4, the day before the election, as investors feel optimistic about the Trump administration's plans for EV subsidies and legislation regarding self-driving electric cars, which could provide Tesla a competitive advantage.
Since Tesla stock and options account for more than two-thirds of his net worth, Musk has seen significant gains from the soaring stock, surpassing the $340.4 billion record in net worth he established in 2021.
Elon Musk's net worth reached $347.8 billion today, according to Bloomberg pic.twitter.com/QlKMVUt1Or
— Dima Zeniuk (@DimaZeniuk) November 22, 2024
Musk's fortune explosion was also aided by his artificial intelligence startup, xAI. The company was valued at $50 billion in a recent investment round, more than doubling its value from six months ago, as Bloomberg reports. The quick expansion is ascribed by analysts to heightened investor interest fueled by Musk's strong ties to Trump, who claims to prioritize technical innovation in his policies.
Musk's endeavor into space technology, SpaceX, is likewise seeing a spike. This week, the firm had a high-profile launch event that was attended by President Elect Trump and is in discussion to hold a private share sale, which could boost the company's value to more than $250 billion.
Musk's political influence is also increasing. He and entrepreneur Vivek Ramaswamy are set to run the new Department of Government Efficiency (DOGE). The agency intends to reduce bureaucracy and deregulate sectors, which might benefit Tesla and other Musk-led businesses that have fought with state-level regulations.
