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American billionaire Elon Musk continues to add to his wealth faster than ever. After Donald Trump’s victory in the 2024 United States presidential election, Musk’s fortune surged by $70 billion, making him wealthier than ever before.

The billionaire’s rising net worth is attributed to Tesla’s skyrocketing stock prices, and the rapid growth of his AI company, xAI. As of 22 November, Musk’s wealth exceeded $340 billion, according to the Bloomberg Billionaires Index.

Musk’s wealth surges after election

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On 5 November, following Trump’s win, Musk’s fortune saw a dramatic rise. Tesla’s stock soared by 40 per cent in the days after the election, driven by investor optimism.

By the close of trading on Friday, Musk’s net worth had climbed to $321.7 billion, with Tesla shares gaining 3.8 per cent. This marked a new high for Musk, surpassing his previous record of $320.3 billion set in November 2021 during Tesla’s pandemic-era growth. His fortune has since reached an estimated $347.8 billion.

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There is speculation that Musk’s close ties with the Trump administration could lead to regulatory advantages for Tesla. Reports suggest that Musk’s net worth increased by $83 billion following the election. Meanwhile, President-elect Trump appointed Musk to lead the newly established Department of Government Efficiency (DOGE) a nod to the popular cryptocurrency meme.

xAI’s rapid growth boosts fortune

Musk’s artificial intelligence company, xAI, has seen its valuation double to $50 billion in recent weeks, according to The Wall Street Journal. Musk, who owns 60 per cent of the company, gained $13 billion from the company’s rising value. This contributed to the $70 billion increase in his wealth since Election Day.

Over the past six months, Musk’s net worth has risen from under $200 billion to more than $315 billion, as per Forbes. He now holds an $80 billion lead over Oracle co-founder Larry Ellison, whose wealth stands at $235 billion.

(With inputs from agencies)