 "Tesla, Trump, and DOGE: How Elon Musk broke his $340 bn net worth record")
Elon Musk continues to shatter his own records, with a staggering $70 billion surge in his net worth following Donald Trump’s presidential win. As of November 22, the Bloomberg Billionaires Index reported Musk’s net worth surpassing an unprecedented $347.8 billion, reaffirming his status as the world’s richest individual.
Tesla’s rally drives Musk’s fortune to historic highs
November 5 marked a pivotal moment for Musk’s wealth trajectory. Tesla’s stock soared 40 per cent in the wake of the election, driven by investor optimism about favourable regulatory prospects under the Trump administration. By Friday’s market close, Musk’s net worth hit $321.7 billion, fuelled by a $7 billion gain from Tesla’s 3.8 per cent stock rise, which pushed the stock to a 3.5-year high.
This milestone eclipses Musk's previous record of $320.3 billion, set in November 2021 during Tesla’s Covid-19 pandemic-fuelled growth. With an estimated $83 billion increase in the days following the election, Musk’s fortune now stands at $347.8 billion — his highest ever.
Elon Musk’s growing political influence has further bolstered investor confidence. Reports suggest that President-elect Donald Trump, impressed by Musk’s efficiency and innovation, has appointed him to lead the newly created the Department of Government Efficiency (DOGE), named after the iconic cryptocurrency memecoin.
xAI and SpaceX contribute to Musk’s meteoric rise
Musk’s artificial intelligence company, xAI, has seen a valuation surge, doubling to $50 billion in recent weeks, according to The Wall Street Journal. His 60 per cent stake in xAI added $13 billion to his wealth, with election day marking a $70 billion upswing in Musk’s net worth.
SpaceX also remains a significant driver of Musk’s wealth. His 42 per cent stake in the company, valued at $210 billion, contributes $88 billion to his fortune. Meanwhile, Musk’s 13 per cent stake in Tesla, valued at $145 billion, could climb further if a pending 9 per cent equity award is approved.
Musk’s financial dominance is evident in the gap between him and his nearest rival. Forbes reports that his net worth, which was under $200 billion six months ago, has now surged past $315 billion, making him $80 billion richer than Oracle co-founder Larry Ellison, who holds $235 billion.