Author: Martin Young, CoinTelegraph; Compiler: Tao Zhu, Golden Finance
Tesla CEO and tech billionaire Elon Musk is now richer than ever, with his net worth soaring to $348 billion, setting a new record following Donald Trump's victory in the U.S. presidential election.
As of the end of trading on Friday, Elon Musk's net worth reached an all-time high of $347.8 billion. On November 22, driven by the rise in Tesla's (TSLA) stock and a new round of $50 million in financing, its artificial intelligence startup xAI was valued at $50 billion.
The previous peak was $335 billion reached on November 12, and Musk's net worth has increased by nearly $1 billion a day in the past two weeks. Since the beginning of the year, Musk's net worth has increased by 52% to a staggering $119 billion, according to the Bloomberg Billionaires Index.
The entrepreneur is now more than $80 billion richer than the second richest man, his old friend, Oracle Chairman Larry Ellison, who has a fortune of $235 billion.
Elon Musk's net worth over time. Source: Bloomberg
Tesla shares rose 3.8% to $352.56 at the close on November 22. The electric car maker's stock price has nearly doubled in the past six months and is now just 15% away from its all-time high of $407 set three years ago in November 2021, according to Google Finance.
The stock has surged 45% since the day before the Nov. 4 election, adding about $350 billion to its market value.
Musk’s wealth is primarily derived from his 13% stake in Tesla, valued at $145 billion, and his 42% stake in SpaceX, valued at $210 billion in June.
SpaceX is reportedly set to launch a round of takeover bids next month that would value the company at more than $250 billion, which could add a further $18 billion to Musk’s net worth.
Elon Musk, who owns microblogging platform X, recently joked about buying left-leaning news outlet MSNBC.
On November 21, Comcast announced its intention to spin off the cable company that includes CNBC and MSNBC, prompting Musk to ask, "How much is this going to cost?" in response to Donald Trump Jr.'s comment, "I have the funniest idea ever!!," tagging Elon Musk following the announcement.
"If you buy MSNBC, I want Rachel Maddow's job. I'll wear the same clothes, the same glasses, and tell the same lies," Joe Rogan quipped.
Source: Donald Trump Jr.
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