Elon Musk, the billionaire CEO of Tesla and SpaceX, has seen his net worth reach a record $348 billion. This step follows the market rally triggered by Donald Trump’s victory in the US presidential election.
Musk’s wealth reached a record $347.8 billion as of market close on Friday, November 22, 2024. It was fueled by Tesla’s soaring stock price and successful funding round of $50 million for his artificial startup, xAI. It is now valued at $50 billion.
The billionaire’s net worth has surpassed the previous high of $335 billion recorded on November 12, 2024. Additionally, his fortune has increased by almost $1 billion per day over the past two weeks.
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Elon Musk’s net worth increases 52% this year
Bloomberg’s Billionaires Index reports that Elon Musk’s net worth has soared 52% this year. Additionally, this represents a gain of $119 billion.
Currently, Musk is the richest person in the world. He has a lead of more than $80 billion over Oracle Chairman Larry Ellison, who is in second place with $235 billion. This money pit underscores Musk’s dominance in the technology and innovation sectors.
Tesla stock rose 3.8% on November 22, closing at $352.56, a 45% increase since November 4, the day before the election. This increase added $350 billion in market value to the electric vehicle giant. Tesla shares are now just 15% below their all-time high of $407, reached in November 2021.
Musk’s fortune comes primarily from his 13% stake in Tesla, valued at $145 billion, and his 42% stake in SpaceX, valued at $210 billion as of June.
SpaceX’s next takeover round, expected to value the company at more than $250 billion, could add a supplement $18 billion for Musk’s net worth.
Adding to the buzz, Musk humorously hinted at potential interest in acquiring MSNBC after Comcast announced plans to spin off its cable networks.
In a playful exchange on Twitter, Musk asked: “How much does it cost?” in response to Donald Trump Jr. speculation Joe Rogan joined the conversation, jokingly volunteering to reprise the role of Rachel Maddow has the network.
How much does it cost?
– Elon Musk (@elonmusk) November 22, 2024
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Crypto Executives Profit from Trump’s Victory
Election day brought major gains for the crypto industry, with Brian Armstrong, CEO of US-based cryptocurrency exchange Coinbase, emerging as one of the biggest winners.
Coinbase shares jumped 31% on Wednesday, November 6, 2024, marking the best trading day in the company’s history. Armstrong, who co-founded Coinbase in 2012 and took it public in 2021, owns more than 10% of the company actions.
Its stake, consisting of 34.8 million Class A and Class B shares, gained approximately Worth $2.1 billionbringing his net worth to almost $9 billion.
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Warning: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose your entire capital.
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