Elon Musk, the billionaire CEO of Tesla and SpaceX, has seen his net worth surge to a record $348 billion. The milestone follows the market rally triggered by Donald Trump’s victory in the US presidential election.
Musk’s wealth hit a record $347.8 billion by the close of trading on Friday, 22 November 2024. It was fueled by a surge in Tesla’s stock price and a successful $50 million funding round for his artificial startup, xAI. It is now valued at $50 billion.
The billionaire’s net worth surpassed the previous high of $335 billion recorded on 12 November 2024. Furthermore, his fortune grew by nearly $1 billion per day over the past two weeks.
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Musk’s Net Worth Surges By 52% This Year
Bloomberg’s Billionaires Index reports that Musk’s net worth climbed an astonishing 52% this year. Moreover, it amounted to a $119 billion gain.
Currently, Musk stands as the world’s richest person. He has a lead of over $80 billion on Oracle Chairman Larry Ellison, who ranks second with $235 billion. This financial gulf underscores Musk’s dominance in the tech and innovation sectors.
Tesla’s stock rose 3.8% on November 22, closing at $352.56—a 45% increase since November 4, the day before the election. This surge added $350 billion in market value to the electric vehicle giant. Tesla shares are now just 15% below their all-time high of $407, reached in November 2021.
Musk’s fortune is primarily derived from his 13% stake in Tesla, valued at $145 billion, and his 42% stake in SpaceX, which was appraised at $210 billion in June.
SpaceX’s upcoming tender offer round, expected to value the company at over $250 billion, could add an additional $18 billion to Musk’s net worth.
Adding to the buzz, Musk humorously hinted at a potential interest in acquiring MSNBC after Comcast announced plans to spin off its cable networks.
In a playful Twitter exchange, Musk asked, “How much does it cost?” in response to speculation from Donald Trump Jr. Joe Rogan joined the conversation, jokingly volunteering to take over Rachel Maddow’s role at the network.
How much does it cost?
— Elon Musk (@elonmusk) November 22, 2024
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Crypto Executives Benefit From Trump Victory
Election Day brought major gains for the crypto industry, with Brian Armstrong, CEO of the US-based cryptocurrency exchange Coinbase, emerging as one the biggest winners.
Coinbase shares surged 31% on Wednesday, 6 November 2024, marking the best trading day in the company’s history. Armstrong, who co-founded Coinbase in 2012 and took it public in 2021, holds over 10% of the company’s shares.
His stake, comprising 34.8 million Class A and Class B shares, gained approximately $2.1 billion in value, bringing his net worth to nearly $9 billion.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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