Elon Musk’s net worth hits record high after Trump's win

Elon Musk is officially the richest person.As per Forbes' report, Musk’s net worth was a record $321.7 billion at market close Friday, getting a $7 billion boost as Tesla stock climbed 3.8% to a new 3.5-year closing high of $352.56 per share.That eclipses the previous high water mark of $320.3 billion set Nov. 5, 2021 amid Tesla’s pandemic era surge.
Tesla’s stock is soaring, his AI company xAI is skyrocketing, and the billionaire’s net worth is climbing thanks to his multiple ventures and growing political influence. On November 22, reports indicated that his net worth surpassed $340 billion, according to the Bloomberg Billionaires Index.November 5 marked a turning point for Elon Musk’s fortune, following Trump’s presidential win. Tesla's stock price skyrocketed by 40% in the days following the election, fueled by investor optimism. Musk’s fortune is now about $70 billion larger than it was on Election Day as Tesla shares surged 40% as Wall Street bought into what should be a more friendly regulatory environment under Trump for Tesla, especially for its self-driving vehicles.
Many believed that Elon Musk's influence within the Trump administration could lead to favourable regulations for Tesla. As the company’s largest shareholder, the Space X CEO’s net worth surged by an estimated $83 billion in the aftermath of the election. On the other hand, the President-elect, impressed by Elon Musk’s efficiency and financial success, has placed him at the helm of the 'Department of Government Efficiency (DOGE),' named after a memecoin.