Elon Musk Breaks New Record as Net Worth Hits All-Time High Amid Surge in Tesla Stocks

• Elon Musk has surpassed his previous wealth record as his net worth surged to an all-time high on Friday, November 22, 2024
• The American billionaire is now worth a staggering $348 billion due to the in Tesla shares
• The electric car company’s stock rose 42% for the year at Friday’s trading, leaving off its record close of $410 on November 4, 2021

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

The world’s wealthiest individual, Elon Musk, is now worth a staggering $348 billion, thanks to a surge in Tesla’s shares on Friday, November 22, 2024, and a new funding round, which gave his artificial intelligence startup, xAI, a $50 billion valuation.

The new figure surpasses the previous record held by Musk in 2021 when his net worth hit $340 billion.

Musk spends $200 million on Trump’s election

Data from the Bloomberg Billionaire Index shows that the American billionaire made a whopping $9.2 billion on Friday, November 22, 2024.

The development comes amid a surge in Tesla’s shares since Donald Trump clinched the US Presidency.

As investors wagered to the electric vehicle manufacturer, the company's shares closed on Friday, November 352.56.

The SpaceX CEO championed Trump on X, and his PAC spent about $200 million to get the former president re-elected.

Musk’s new firm hits $50 billion in valuation

The electric car company’s stock rose 42% for the year at Friday’s trading, leaving off its record close of $410 on November 4, 2021.

Tesla’s market cap has hit $1.1 trillion, making it more valuable than Warren Buffet’s Berkshire Hathaway.

According to reports, Musk’s 13% stake in Tesla has surged. 

The billionaire’s fortune has exceeded Salesforce’s $327 billion, as his net worth is boosted by the recent funding of xAI, which raised $5 billion.

Billionaire continues $1 million giveaway to ‘Trump supporters'

Legit.ng earlier reported that the world’s wealthiest man and Tesla CEO, Elon Musk, has seen his wealth surge by over $6 billion on the night Donald Trump reclaimed America's presidency.

The South African-born billionaire saw his wealth rise to $264 billion, placing him above his closest rivals, Jeff Bezos, with $221 billion and Meta CEO Mark Zuckerberg, with $203 billion.

Musk's wealth has surged significantly this year, rising by $34.8 billion amid a rise in Tesla shares.