Elon Musk’s fortune reached an all-time high of US$347.8 billion this Friday (22), driven by the continued appreciation of Tesla shares () and a new round of financing, which evaluated his artificial intelligence startup, xAI, at US$50 billion.
Musk’s various businesses have increased in value since Donald Trump’s election victory elevated him to the position of “first friend” of the president-elect of the United States.
Tesla shares rose 3.8% on Friday, reflecting optimism that the Trump team’s plans for self-driving cars and subsidies for electric vehicles will give Musk’s company an edge over its competitors.
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The stock has risen 45% since Nov. 4, the day before the election, gaining about $350 billion in market value.
Musk is now richer than his previous record of $340.4 billion set in November 2021, according to the Bloomberg Billionaires Index. His fortune — with more than two-thirds derived from Tesla stocks and options — has risen 35% since the eve of the election.
Meanwhile, xAI’s value has more than doubled since it last raised money in May with the Wall Street Journal reporting that Trump’s victory helped drive new investor interest.
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Trump accompanied Musk on a SpaceX launch this Wednesday (20). The company is considering a private stock offering that would increase its value to more than $250 billion.
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