Elon Musk’s net worth has increased by $70 billion since Donald Trump was re-elected as US president, surpassing $340 billion. Since the November 5 election in the US, Tesla’s stock price has increased by 40% and the valuation of artificial intelligence company xAI has doubled, causing Musk’s assets to increase at a record pace.
It is hard to imagine that Mr. Musk has seen his fortune increase by nearly 30% in less than 3 weeks, even though this American billionaire is famous for his risky business projects and, more recently, his close relationship with Mr. Trump.
Bloomberg News data as of November 22 shows that Mr. Musk owns a net worth of 348 billion USD, an increase of more than 9 billion USD in just 1 day and has increased by 119 billion USD since the beginning of the year.
November 5th marked a major turning point in the wealth of Mr. Musk – who is currently the richest person in the world and is far ahead of the second-richest person, billionaire Jeff Bezos, with a fortune of 219 billion USD. Mr. Trump’s return to the White House is considered to be very beneficial for Tesla – the electric car company of which Mr. Musk is the CEO and the largest shareholder – because investors expect that the supervision regulations will be loosened during Mr. Trump’s next term, especially for the company’s self-driving car products.
In addition, investors also believe that Mr. Musk has great influence over Mr. Trump, so he can easily lobby for policies that benefit his companies.
The bulk of Mr. Musk’s wealth comes from his 13% stake in Tesla, which is now worth $145 billion. He also holds warrants equivalent to a 9% stake that are currently tied up in an unresolved lawsuit.
Another important source of Mr Musk’s wealth is his 42% stake in space exploration company SpaceX, which was valued at $210 billion in a June IPO, meaning Mr Musk’s stake is worth $88 billion.
Mr. Musk also has stakes in the brain-computer connection company Neuralink, the social network X (formerly Twitter), and xAi.
xAi’s valuation has more than doubled to $50 billion in recent weeks, according to the Wall Street Journal. Mr. Musk’s 60% stake in xAI has added $13 billion to his fortune thanks to that growth.
Next month, SpaceX is expected to launch a new offering that could value the company at $250 billion, according to some sources, adding $18 billion to Musk’s fortune.
After announcing his support for Trump in July, Musk has donated more than $100 million to the Republican candidate’s campaign and quickly become a close confidant of the president-elect. Musk called himself Trump’s “first friend” in a recent X post.
For his part, Mr. Trump has created an informal agency called the “Department of Government Efficiency” (DOGE), appointing Mr. Musk and billionaire Vivek Ramaswamy to head it. Their task for the next year and a half is to cut costs in the U.S. government.
Musk’s net worth has now surpassed the previous record of $340 billion set in November 2021. Meanwhile, Tesla’s stock price is still about 14% below its all-time high at that time. Meanwhile, the S&P 500 index of the US stock market has increased by 27% since November 2021.
