Elon Musk Sets New Record as Net Worth Soars to $348 Billion

Elon Musk Sets New Record as Net Worth Soars to $348 Billion Amid Tesla Surge and xAI Funding

Elon Musk, the world’s richest individual, has shattered his previous wealth record, with his net worth reaching an astounding $348 billion. This milestone follows a significant surge in Tesla’s stock on November 22, 2024, and a successful funding round for his artificial intelligence company, xAI, which is now valued at $50 billion.

This new figure surpasses Musk’s previous high of $340 billion, set in 2021. According to the Bloomberg Billionaire Index, the Tesla and SpaceX CEO saw a remarkable increase of $9.2 billion on Friday, November 22, 2024, alone.

Tesla’s stock has seen impressive growth, fueled in part by investor optimism linked to former President Donald Trump’s return to the political stage. Since Trump’s victory in the 2024 U.S. presidential race, Tesla’s stock price closed at $352.56 on Friday, marking a 42% increase for the year. The electric vehicle giant’s market capitalization has now surpassed $1.1 trillion, surpassing the value of renowned investment firm Berkshire Hathaway.

Musk’s 13% stake in Tesla has significantly contributed to his booming wealth, now surpassing that of Salesforce’s $327 billion. His fortune also received a boost from the recent $5 billion funding round for xAI, further propelling him past other tech titans like Jeff Bezos, whose net worth stands at $221 billion, and Meta CEO Mark Zuckerberg, at $203 billion.

This rise in Musk’s wealth, which has jumped by over $34.8 billion in 2024 alone, highlights his ever-expanding influence. As his net worth continues to soar, Musk also continues his controversial $1 million giveaway to Trump supporters, further cementing his status as one of the most influential figures in the tech and business world.