Elon Musk's fortune reaches new heights
Date
11/24/2024 6:38:58 AM
(MENAFN) Elon Musk's fortune reached new heights following the 2024 US presidential election, according to a CNN report. The Tesla and SpaceX CEO's net worth surged to a record-breaking $347.8 billion, surpassing his previous peak of $340 billion in November 2021, as reported by the Bloomberg Billionaires Index.
Tesla's stock has experienced a significant rebound since the election on November 5, rising 3.8 percent on Friday alone. Over the past weeks, the stock has climbed nearly 40 percent, fueled by investor optimism that Musk's association with Donald Trump's administration will lead to deregulation favorable to Tesla.
As the largest shareholder in Tesla, Musk's wealth has increased by approximately $83 billion since the election, according to Bloomberg. Musk's visibility has been amplified by his close alliance with President-elect Donald Trump, and he is now involved in multiple high-profile ventures, including leading Tesla, SpaceX, the X platform, Neuralink, and a new initiative, the Ministry of Government Efficiency (DOGE) alongside Vivek Ramaswamy.
Additionally, Musk's artificial intelligence startup, XAI, saw its value double following a new funding round, as reported by the Wall Street Journal.
With his wealth skyrocketing, Musk is now $100 billion ahead of the second-richest person, Amazon founder Jeff Bezos.
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