Elon Musk broke his $340 billion wealth record as Tesla stock keeps rising

Elon Musk’s wealth has surged since Donald Trump’s reelection.

Elon Musk just broke his wealth record following Tesla’s postelection rally.

The world’s richest person is now worth $347.8 billion thanks to a 3.8% jump in Tesla’s stock on Friday and a new funding round that gave Musk’s artificial intelligence startup, xAI, a $50 billion valuation, according to the Bloomberg Billionaires Index.

The figure surpasses the previous record high Musk set in 2021 at around $340.4 billion.

The Tesla and SpaceX CEO’s net worth has soared by an unmatched $117.8 billion this year, putting him more than $128 billion ahead of the runner-up on the rich list, Amazon founder Jeff Bezos, who’s worth $219 billion.

Tesla stock has surged since Donald Trump’s victory in the US presidential election to close on Friday at $352.56, as investors wagered the electric vehicle maker would benefit from Musk’s close ties to the president-elect.

Mark Malek, the chief investment officer at Siebert, recently told B-17 that “some sort of premium has been placed on the stock as a result of Musk’s very public involvement in Trump’s campaign.”

The tech billionaire championed Trump on X, and his super PAC spent an estimated $200 million to get the former president back into office, the Associated Press reported.

Tesla stock was up 42% for the year at Friday’s close, leaving it some way off its record close of $410 on November 4, 2021. The automaker’s market capitalization has ballooned to more than $1.1 trillion, making it more valuable than Warren Buffett’s $1 trillion conglomerate, Berkshire Hathaway.

Musk’s roughly 13% stake in the company has jumped in value as a result. At about $348 billion, his personal fortune comfortably exceeds Salesforce’s $327 billion. The billionaire’s worth is also boosted by a recent funding round at xAI, raising $5 billion, The Wall Street Journal reported on Wednesday. The funding round puts the startup at a $50 billion valuation.

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