Many of Musk’s companies have soared in value since Trump’s election victory thrust Musk into the political spotlight.
The wealth of the world’s richest man, American entrepreneur Elon Musk, has risen to a record $348 billion after Donald Trump won the US presidential election, Bloomberg reports.
It is noted that since the election of Trump, the shares of Tesla have continued to grow and now Musk’s fortune has exceeded the previous high, which was set in November 2021.
This was made possible thanks to continued growth in Tesla shares and a new round of financing, valuing its artificial intelligence startup xAI at $50 billion.
It was noted that many of Musk’s companies increased in value after Donald Trump’s election victory which brought Musk into the political spotlight.
Tesla shares rose 3.8% on Friday, reflecting optimism about possible preferences from the incoming Trump administration for production of Musk’s electric and self-driving cars, which would give the entrepreneur an advantage in his competitors. Since November 4 – the day before the election – the stock has risen 45%, adding about $350 billion to the market value.
Meanwhile, xAI’s value has more than doubled since its last fundraise in May, and the Wall Street Journal reported that Trump’s victory has fueled investor interest.
Trump joined Musk on Wednesday for the rocket launch of the billionaire’s SpaceX, which is now discussing a private sale of shares that would raise its value to more than $250 billion.
Musk is looking for people to work 80 hours a week for his Department.
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.