Tesla CEO Elon Musk’s net worth reached an all-time high of $347.8 billion, as per estimates in the Bloomberg Billionaires Index. The feat was achieved on Friday, as TSLA shares saw a 3.8% rise amid optimism that U.S. president-elect Donald Trump’s plans for autonomous cars and EVs could give Tesla an edge over its competitors.
Musk became an avid supporter of Trump following the president-elect’s assassination attempt during a rally in Pennsylvania in July 2024. During the final weeks of the campaign period, Musk doubled down on his support, personally campaigning for Trump and reportedly contributing over $170 million to a PAC supporting the Republican nominee.
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Musk’s net worth is tied to his companies. Following Donald Trump’s win in the 2024 U.S. presidential elections, several of Musk’s companies received optimistic outlooks from investors. Tesla, for one, has been up 45% since November 4, a day before the elections. Tesla has since added around $350 billion to its market cap, allowing the company to achieve a valuation of $1.13 trillion as of Friday’s close.
Elon Musk’s net worth hit an all-time high of $347.8 billion on Friday!
Driven by Tesla Inc.’s ongoing stock rally and a new funding round valuing his artificial intelligence startup xAI at $50 billion
Musk, the world’s richest person, is now wealthier than his previous high of… pic.twitter.com/OJD1Zcn3Yu
— Tech Dev Notes (@techdevnotes) November 22, 2024
As noted by Bloomberg News, Tesla is not the only Musk venture that experienced tailwinds following the election of Donald Trump. Previous reports have suggested that Trump’s victory has spurred interest in Musk’s artificial intelligence startup, xAI. As per The Wall Street Journal, xAI’s recent funding round valued the AI startup at $50 billion, exceeding the $44 billion that Musk paid to acquire Twitter in 2022.
SpaceX, being the undisputed industry leader in spaceflight, is reportedly also discussing a private share sale that would value the company at over $255 billion. Trump has recently been an open supporter of SpaceX’s ventures. Just recently, the president-elect personally visited Starbase to witness Starship’s sixth test flight.
Musk’s net worth previously had an all-time high of $340.4 billion. That milestone was achieved in November 2021, a time when TSLA shares were on an absolute tear.
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