Musk's wealth reached nearly $350 billion: Media reveals reason
Billionaire Elon Musk (photo: Getty Images)
The results of the 2024 US presidential election have been a boon for Elon Musk. On Friday, the billionaire set a new financial record, according to CNN and Bloomberg.
According to media reports, on November 22, Musk's net worth reached a record $347.8 billion, surpassing his previous record set in November 2021 when Tesla's founder was valued at over $340 billion.
Specifically, on the previous day, Tesla's shares rose by 3.8%, and from the election day on November 5 to November 22, they increased by approximately 40%. This growth is linked to investor confidence that Musk's influence in the administration of newly elected US President Donald Trump will usher in an era of deregulation that will benefit the company.
In terms of figures, Musk, the largest individual shareholder of Tesla, has become approximately $83 billion wealthier since the elections.
According to the WSJ, Musk's AI startup, xAI, also more than doubled in value this week during a new funding round.
Musk has rapidly surpassed his peers in the billionaire rankings, where the top contenders frequently change positions. As of Tuesday, Musk was more than $100 billion wealthier than the second-richest person, Amazon founder Jeff Bezos.
According to media reports, his alliance with US President-elect Donald Trump has propelled Musk and his enterprises to the forefront.
The reports remind us that the American billionaire is the CEO of Tesla and SpaceX, as well as the owner of X and CEO of other ventures, including Neuralink, xAI and the Boring Company. Now, alongside Vivek Ramaswamy, Musk will oversee the new Department of Government Efficiency (DOGE) in the US, named after the meme coin.
On Tuesday, November 19, the sixth test flight of SpaceX's Starship rocket took place in Texas. The event was attended not only by CEO Elon Musk but also by US President-elect Donald Trump. According to the Associated Press, the trip strengthened their ties.
