Elon Musk attends the Breakthrough Prize awards in Los Angeles, California, US, April 13, 2024. Reuters

WASHINGTON: Tesla CEO Elon Musk has reached a record-breaking personal wealth milestone, amassing a net worth of $348 billion, The News reported, citing Bloomberg Billionaires Index.

This achievement cements Musk’s position as the richest individual in history. The surge in his wealth follows a sharp increase in Tesla’s stock price, which gained momentum after Donald Trump’s electoral victory.

The rally in Tesla shares was fuelled by Wall Street optimism over the pro-business policies expected under US President-elect Donald Trump, who is known to have close ties with the billionaire entrepreneur.

Tesla’s stock has surged 40% since Election Day, climbing 3.8% on Friday alone to close at $352.56 — its highest price in over three years.

This added $7 billion to Musk’s fortune, pushing his net worth past the previous high of $320.3 billion – set during Tesla’s pandemic-era surge in November 2021.

Musk’s close ties with Trump have fuelled investor confidence. After endorsing Trump earlier this year, Musk donated over $100 million to his campaign.

He has been appointed chair of the new “Department of Government Efficiency” (DOGE), where he will work alongside biotech entrepreneur Vivek Ramaswamy.

Wall Street analysts view the incoming administration’s anticipated deregulation efforts as a significant advantage for Tesla, particularly for its Full Self-Driving initiatives, which have faced regulatory scrutiny.

Beyond Tesla, Musk’s ventures in artificial intelligence and aerospace have further expanded his wealth. His 60% stake in xAI, a private AI firm valued at $50 billion, added $13 billion to his fortune.

Meanwhile, his 42% stake in SpaceX, valued at $210 billion in a June tender offer, contributed $88 billion.

Speculation around SpaceX’s upcoming funding round, which could value the company at $250 billion, suggests Musk’s net worth might climb even higher, potentially adding $18 billion to his fortune.

Musk’s current net worth puts him $80 billion ahead of Larry Ellison, Oracle’s chairman, who holds the title of the world’s second-richest individual with $235 billion.

Most of Musk’s wealth stems from his 13% stake in Tesla, currently valued at $145 billion and his pending 9% equity award in the company.

However, despite his historic fortune, Tesla shares remain about 14% below their all-time high from late 2021. Meanwhile, the broader S&P 500 index has risen 27% since then.