Musk's wealth hits a new high, optimistic about Tesla and SpaceX's prospects with Trump in office

TSL CEO Elon Musk's net worth reached a record high of $347.8 billion last Friday, thanks to the continued rise in TSLA stock price and the increasing valuation of his AI startup xAI and SpaceX.

TSL, xAI and SpaceX valuations are all on the rise

According to Bloomberg, since Donald Trump's election victory pushed Musk, the so-called 'first brother', into the political spotlight, the value of Musk's many businesses has been soaring.

On Friday, Tesla's stock price rose by 3.8%, reflecting ongoing optimism that the Trump team's plan for autonomous driving cars and electric vehicle subsidies will give Musk's company a competitive edge over its peers. Since November 4th (the day before the election), TSLA has surged by 45%, with the market capitalization increasing by approximately $350 billion.

Since the financing in May, the value of XAI has more than doubled. Last week, Trump also attended the launch event of SpaceX with Musk. The company is discussing the sale of equity in a private sale, which will value it at over $250 billion. When Chain News reported on SpaceX in June, its valuation was only $200 billion.

(Musk hints that his company will IPO? Bloomberg teaches you how to buy SpaceX)

Musk firmly sits as the world's richest person, far ahead of Bezos.

According to the Bloomberg Billionaires Index, the world's richest man, Musk, now has a fortune of $348 billion, exceeding his previous record of $340.4 billion set in November 2021. Since the day before the election, his wealth has increased by 35%, with more than two-thirds of it coming from Tesla stock and options. The second-ranked Bezos (Jeff Bezo), also the founder of Amazon, has a net worth of $219 billion, only slightly more than 60% of Musk's assets.

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Trump's presidency will benefit Tesla's self-driving cars

53-year-old Musk allied with Trump in the final stages of the campaign, rallying with him in key states and donating over $170 million to the Republican candidate's PAC in his personal capacity. However, this is only a drop in the ocean compared to Musk's increased wealth during this time.

According to reports, members of the Trump transition team plan to make the federal framework for autonomous driving cars a priority for the Department of Transportation, which could lead to wider deployment of driverless cars, a big boon for TSL. Current federal policy only allows TSL and other automakers to deploy 2,500 fully autonomous vehicles each year. During a recent earnings call, Musk complained that regulations in states like California are different, limiting TSL's ability to expand autonomous driving technology.

Trump also supports the elimination of up to $7,500 in electric vehicle tax credits and the reduction of emission regulations introduced by President Biden's administration. The damage to traditional car manufacturers will exceed TSL, and compared to many competitors, TSL's sales are less reliant on federal support.

Musk will also co-lead a new "Department of Government Efficiency DOGE" with Ramaswamy to reduce bureaucracy and regulation.

(Trump nominates Musk and Ramaswamy to lead the 'Government Efficiency Department DOGE' to reshape government architecture)

This article appears Musk's wealth hits a new high, and the prospects of Tesla and SpaceX are promising when Trump takes office, which first appeared on ChainNews ABMedia.