Musk’s net worth hits another record, how did he earn $348 billion?

Author: Martin Young, CoinTelegraph; Compiled by: Tao Zhu, Bitchain Vision

Tesla CEO and tech billionaire Elon Musk is richer than ever, with his net worth soaring to $348 billion, setting a new record for Donald Trump’s victory in the U.S. presidential election.

As of Friday’s trading ended, Elon Musk’s net worth reached an all-time high of $347.8 billion.On November 22, its AI startup xAI was valued at $50 billion, driven by a rise in Tesla stock (TSLA) and a new round of $50 million in financing.

The previous peak was $335 billion on November 12.Over the past two weeks, Musk’s net worth has increased by nearly $1 billion a day.Musk’s net worth has grown 52% since the beginning of the year to a staggering $119 billion, according to the Bloomberg Billionaire Index.

The entrepreneur is now over $80 billion more than the $235 billion wealthier, his old friend, Oracle chairman Larry Ellison.

Elon Musk’s net worth over time.Source: Bloomberg

At the close of November 22, Tesla’s stock price rose 3.8% to $352.56.The electric car maker’s stock has nearly doubled in the past six months and is now just 15% away from its all-time high of $407 set three years ago in November 2021.

The stock has soared 45% since the day before the November 4 election, with a market value increasing by about $350 billion.

Musk’s wealth comes primarily from his 13% stake in Tesla, worth $145 billion, and his 42% stake in SpaceX, worth $210 billion in June.

It is reported thatSpaceX will launch a round of acquisitions next month, value the company with a valuation of more than $250 billion, and Musk’s net worth may further increase by $18 billion.

Elon Musk, who owns Weibo platform X, recently joked about acquiring left-leaning news media MSNBC.

On November 21, Comcast announced that it was going to spin off cable companies including CNBC and MSNBC, which made Musk ask: “How much does it cost?” in response to Donald Trump Jr.Comment, “I have the most interesting idea ever!!” and tag Elon Musk after the news was released.

“If you buy Microsoft NBC, I want Rachel Maddo’s job. I’ll wear the same clothes, wear the same glasses, tell the same lies,” Joe Rogan quipped.