“Elon Musk Sets New Wealth Record with $70 Billion Increase Following Trump’s Victory”
Elon Musk has reached new heights of wealth, with his net worth surging by an astonishing $70 billion in the wake of Donald Trump’s presidential victory. As of November 22, Musk’s fortune is now estimated at a staggering $347.8 billion, surpassing his previous records and reinforcing his status as the world’s richest individual.
Elon Musk has reached new heights of wealth, with his net worth surging by an astonishing $70 billion in the wake of Donald Trump’s presidential victory. As of November 22, Musk’s fortune is now estimated at a staggering $347.8 billion, surpassing his previous records and reinforcing his status as the world’s richest individual.
Tesla’s stock has been a major catalyst behind Musk’s wealth surge. Following Trump’s win on November 5, Tesla’s stock price shot up by 40%, as investor confidence grew. This significant rise in Tesla’s stock contributed to Musk’s net worth jumping to a record $321.7 billion by Friday’s market close, thanks to a $7 billion gain from the stock’s 3.8% increase. This surpassed his previous record of $320.3 billion, set during Tesla’s pandemic-era growth in November 2021.
Musk’s wealth was further boosted by his AI company, xAI, which has seen its value more than double in recent weeks. With Musk holding a 60% stake in the company, its valuation surged to $50 billion, adding an additional $13 billion to his wealth. The combined increase of $70 billion following Trump’s win places Musk firmly at the top of the wealth ladder, significantly outpacing his closest competitor, Oracle co-founder Larry Ellison, who has a net worth of $235 billion.
Many experts had speculated that Musk’s influence within the Trump administration could lead to favorable regulations for Tesla, a company for which he serves as the largest shareholder. Trump’s admiration of Musk’s financial success and management capabilities has resulted in Musk being appointed to lead the newly established ‘Department of Government Efficiency (DOGE),’ humorously named after a popular memecoin.
The incredible growth in Musk’s fortune marks a remarkable turnaround, as his net worth has skyrocketed from just under $200 billion six months ago. This meteoric rise has solidified his place as one of the most influential and wealthiest figures in the world.
As of now, Musk remains more than $80 billion richer than his closest rival, Larry Ellison, and his diverse ventures—ranging from Tesla and SpaceX to xAI and his growing political influence—show no signs of slowing down.
Sources By Agencies
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