The post Elon Musk Net Worth Soars to $348 Billion: Tesla and xAI Drive the Surge appeared first on Coinpedia Fintech News
Elon Musk is the first name on the global billionaires list. His current total net worth is nearly $348B – at least $129B higher than the net worth of Jeff Bezos of $219B and nearly $142B higher than Larry Ellison’s $206B net worth. Among the top 500 billionaires, Musk records the highest YTD change of +$119B – at least $35.8B higher than Larry Ellison’s +$83.2B YTD change. Reports indicate that Tesla and xAI have played a significant role in the massive surge in Musk’s net worth. Everything you should know about the latest rise of Musk’s net worth.
Elon Musk’s Net Worth Soars to $348 Billion
Elon Musk, Jeff Bezos, Larry Ellison, Mark Zukerberg and Bernard Arnault are the top five billionaires in the world. The current net worth of Musk stands at around $348B. Data show that his net worth has steadily grown over the years. Reports indicate that recently Musk’s net worth has seen a steep surge. Experts believe that Tesla and xAI have played a crucial role in this dramatic increase.
Tesla Stock Performance
At the start of this month, the price of Tesla Inc was as low as $248.77. Between November 4 and 11, it sharply climbed by over 43.95%. In the last one week alone, it grew at least 4.07%. The Tesla market reports a YTD growth of 42.09%. However, the current price of Tesla stands at least 14.30% lower than its 2021 peak of $411.39, indicating that there is more room for growth in the market.
xAI’s Rapid Growth and Valuation
X.AI Corp, or xAI, is a startup founded by Musk in March 2023. It is specialised in the area of Artificial Intelligence, and is known for its mysterious goal of ‘understanding the true nature of the universe’.
Notably, the valuation of xAI recently jumped from $24 billion in May to $50 billion after its latest funding round.
In conclusion, Elon Musk’s record-breaking net worth is a testament to his strategic ventures in Tesla and xAI.