Elon Musk's net worth reaches a record $347.8 billion

Tesla CEO Elon Musk's net worth reached a historic high of $347.8 billion on Friday.

According to the Bloomberg Billionaires Index, Musk is currently the richest person in the world, with a net worth surpassing the previous record of $340.4 billion set in November 2021. Since the day before the U.S. elections, his wealth has increased by 35%, with more than two-thirds coming from Tesla stock and options.

This is attributed to the continuous rise in Tesla's stock price and a new round of financing for his artificial intelligence startup xAI, which has reached a valuation of $50 billion.

Since Donald Trump was elected president, the value of Musk's various business ventures has soared, making him a frequent figure in the political spotlight, with some calling him Trump's "first friend."

On Friday, Tesla's stock rose 3.8% to $352.56, marking a new closing high since the first half of 2022, reflecting the market's continued optimism about Trump's team's plans to promote autonomous vehicles and electric vehicle subsidies, which could give Musk's company a competitive edge over its peers. Since the day before the November 4 elections, the stock has risen 45%, adding approximately $350 billion in market value.

Meanwhile, xAI's valuation has doubled since its last financing round in May. Additionally, Trump attended Musk's SpaceX launch event this Wednesday. The company is discussing a round of private equity sales, which is expected to push its valuation above $250 billion.

The 53-year-old Musk allied with Trump in the final stages of the campaign, campaigning with him in key swing states and personally donating over $170 million to the political action committee (PAC) supporting the Republican candidate. After the campaign's success, Musk and others will jointly lead a newly established Department of Government Efficiency, with Musk stating that he will use this department to cut bureaucratic red tape and regulation.

Current federal policy allows Tesla and other automakers to deploy only 2,500 fully autonomous vehicles each year. In Tesla's most recent earnings call, Musk complained that fragmented regulations at the state level (such as in California) limited the company's ability to scale its autonomous driving technology.

On Monday, members of Trump's transition team informed advisors that they plan to prioritize establishing a federal framework for autonomous vehicles as one of the Department of Transportation's priorities, which could facilitate the broader deployment of cars that do not require human control. This is undoubtedly a positive development for Tesla, as promoting such cars and trucks is central to its future strategy. Musk has stated that Tesla's robotaxi (Cybercab), which has no steering wheel or pedals, could cost less than $30,000 and "might" begin production in 2026.

Moreover, Trump is inclined to eliminate the Biden administration's electric vehicle tax credit of up to $7,500 and roll back emission regulations. According to a Bloomberg report, this would have a greater impact on traditional automakers, while Tesla, due to its lower reliance on federal support compared to many competitors, would be relatively less affected