Elon Musk sets a new record with a net worth of $348 billion, driven by Tesla’s stock surge and a major funding round for his AI startup, xAI.”
Elon Musk Breaks Record with $348 Billion Net Worth
Elon Musk, the CEO of Tesla and SpaceX, has once again made headlines by breaking his own record for the highest net worth ever recorded. As of November 22, 2024,
Musk’s net worth soared to an astonishing $348 billion. This remarkable achievement was driven by a surge in Tesla’s stock and a significant funding round for his artificial intelligence startup, xAI.
Key Factors Behind the Record
- Tesla Stock Surge:
- Tesla’s stock has seen a substantial increase, climbing 42% for the year and reaching a new high of $352.56 per share. This surge has significantly boosted Musk’s wealth, as he holds a 13% stake in the company, valued at $145 billion.
- xAI Funding Round:
- Musk’s AI startup, xAI, recently completed a $50 billion funding round. This new valuation has significantly increased Musk’s net worth, further solidifying his position as the world’s richest person.
- SpaceX Valuation:
- SpaceX, another of Musk’s ventures, was valued at $210 billion in a June tender offer. Musk’s 42% stake in the company contributes significantly to his overall wealth.
Impact of Trump’s Election Win
The recent U.S. presidential election win by Donald Trump, a close ally of Musk, has also played a role in the surge of Tesla’s stock.
Investors are optimistic about a more favorable regulatory environment for Tesla, especially regarding its self-driving vehicles.
Musk’s Wealth Compared to Others
Musk’s net worth is now more than $80 billion higher than the next wealthiest person, Larry Ellison, the chairman of Oracle. This gap highlights
Musk’s extraordinary financial success and his ability to capitalize on the growth of his various ventures.
