Musk increasingly rich, assets skyrocketing after the US elections

The consequences of US elections 2024 were a real deal for Elon Musk. Word of CNN which, with data in hand, rattles off figures and does the math in the pockets of patron X and Tesla, revealing that the already richest man in the world has become even richer since Friday, with a net worth that has reached a record figure of 347.8 billion dollars.

A fact, explains the US broadcaster, which beats his previous record set in November 2021when the Tesla founder’s net worth exceeded $340 billion, according to the Bloomberg Billionaires Index.

Tesla shares grow, Musk surpasses Bezos by 100 billion

Tesla shares jumped after the November 5 election and rose 3.8% last Friday. Since Election Day, the stock has risen about 40% as investors believe Musk’s influence in the Trump administration will usher in an era of deregulation that will benefit the company. Musk, Tesla’s largest individual shareholder, is about $83 billion richer since Election Day, according to the Bloomberg Billionaires Index.

An alliance with President-elect Donald Trump has pushed Musk and his initiatives to the forefront. Musk is the CEO of Tesla and SpaceX, as well as the owner of X and CEO of other ventures, including Neuralink, xAI, and Boring Company. Now, together with Vivek Ramaswamy, he will oversee a new “Department for Government Efficiency (DOGE)”, named after a memecoin.

Musk’s artificial intelligence startup, xAI, also more than doubled in value this week in a new round of funding, to $50 billion from just a few months ago, according to the Wall Street Journal.

Musk has skyrocketed past his peers in the billionaire rankings, which often sees top contenders swap places. As of Tuesday, Musk was more than $100 billion richer than the world’s second-richest person, Amazon founder Jeff Bezos.