Elon Musk's Wealth Soars to Record $348 Billion as Tesla and xAI Drive Unprecedented Growth
1min read Elon Musk, CEO of Tesla, has reached an unprecedented milestone with his net worth soaring to $348 billion, according to the latest billionaire index. This significant increase is primarily attributed to the recent surge in Tesla's stock price, alongside a successful round of funding for his artificial intelligence startup, xAI, which is now valued at $50 billion.
This remarkable growth has pushed Musk's fortune beyond the previous record of $340.4 billion he set in 2021. So far this year, Musk's net worth has climbed by an astonishing $118 billion, outpacing his closest competitor, Amazon's Jeff Bezos, by $129 billion. Following Donald Trump's victory in the U.S. presidential election, Tesla shares have seen a notable rise, closing at $352.56 at the end of last week.
Musk's burgeoning wealth now surpasses the market capitalization of American cloud computing giant Salesforce, which stood at approximately $327 billion as of last Friday's market close. The surge in Musk's personal fortune underscores the growing influence of tech entrepreneurs in the global economy.
Leading innovative ventures like Tesla and SpaceX, Musk has been at the forefront of advancements in electric vehicles and space exploration. The recent funding success of his AI venture, xAI, further highlights the increasing importance of artificial intelligence across various sectors.
Despite the impressive gains in Tesla's stock, it still remains about 14% below its peak in November 2021, indicating that there might be substantial room for further growth in Musk's wealth. His portfolio, which includes not only Tesla but also SpaceX, xAI, and other cutting-edge companies, suggests a potential for continued financial ascension.