PANews reported on November 25 that according to financial reports, Tesla CEO Musk's net worth hit a record high of US$347.8 billion on Friday. On the one hand, this was due to the continued rise in Tesla's stock price, and on the other hand, his artificial intelligence startup xAI's valuation rose to US$50 billion in a new round of financing.
Since Trump was re-elected as the US president, Musk has squeezed into the political inner circle with the halo of his so-called "first best buddy", and the valuations of many of his companies have soared. Tesla's stock price rose 3.8% on Friday, reflecting the market's continued optimism that the Trump team's plans for autonomous driving and electric vehicle subsidies will give the company an advantage over its peers. Tesla has risen 45% since November 4, the day before the election, and the company's market value has increased by about $350 billion.
Meanwhile, xAI's valuation has more than doubled since its May funding round, with Trump's victory spurring more investor interest. Trump also watched a SpaceX launch with Musk on Wednesday. People familiar with the matter said the company is in preliminary discussions about a private placement of shares that could raise its valuation to about $255 billion. Musk, the world's richest man, has seen his wealth surge 35% since the day before the election.
