Tesla CEO Elon Musk’s web price reached an all-time excessive of $347.8 billion, as per estimates within the Bloomberg Billionaires Index. The feat was achieved on Friday, as TSLA shares noticed a 3.8% rise amid optimism that U.S. president-elect Donald Trump’s plans for autonomous vehicles and EVs may give Tesla an edge over its rivals.
Musk turned an avid supporter of Trump following the president-elect’s assassination try throughout a rally in Pennsylvania in July 2024. Throughout the ultimate weeks of the marketing campaign interval, Musk doubled down on his assist, personally campaigning for Trump and reportedly contributing over $170 million to a PAC supporting the Republican nominee.
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Musk’s web price is tied to his firms. Following Donald Trump’s win within the 2024 U.S. presidential elections, a number of of Musk’s firms acquired optimistic outlooks from traders. Tesla, for one, has been up 45% since November 4, a day earlier than the elections. Tesla has since added round $350 billion to its market cap, permitting the corporate to attain a valuation of $1.13 trillion as of Friday’s shut.
Elon Musk’s web price hit an all-time excessive of $347.8 billion on Friday!
Pushed by Tesla Inc.’s ongoing inventory rally and a brand new funding spherical valuing his synthetic intelligence startup xAI at $50 billion
Musk, the world’s richest particular person, is now wealthier than his earlier excessive of… pic.twitter.com/OJD1Zcn3Yu
— Tech Dev Notes (@techdevnotes) November 22, 2024
As famous by Bloomberg Information, Tesla will not be the one Musk enterprise that skilled tailwinds following the election of Donald Trump. Earlier experiences have steered that Trump’s victory has spurred curiosity in Musk’s synthetic intelligence startup, xAI. As per The Wall Road Journal, xAI’s current funding spherical valued the AI startup at $50 billion, exceeding the $44 billion that Musk paid to accumulate Twitter in 2022.
SpaceX, being the undisputed trade chief in spaceflight, is reportedly additionally discussing a personal share sale that will worth the corporate at over $255 billion. Trump has not too long ago been an open supporter of SpaceX’s ventures. Only recently, the president-elect personally visited Starbase to witness Starship’s sixth check flight.
Musk’s web price beforehand had an all-time excessive of $340.4 billion. That milestone was achieved in November 2021, a time when TSLA shares have been on an absolute tear.
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