Author: Martin Young, CoinTelegraph; Compiler: Tao Zhu, Golden Finance

Tesla CEO and technology billionaire Elon Musk is now richer than ever, and he 's net worth soared to $348 billion, setting a new record following Donald Trump's victory in the U.S. presidential election.

Elon Musk’s net worth hit an all-time high of $347.8 billion as of the close of trading on Friday. On November 22, its artificial intelligence startup xAI was valued at $50 billion, boosted by a rise in Tesla stock ( TSLA ) and a new $50 million round of funding.

The previous peak was US$335 billion on November 12. In the past two weeks, Musk's net worth has increased by nearly US$1 billion every day. According to the Bloomberg Billionaires Index, Musk's net worth has increased 52% since the beginning of this year to a staggering $119 billion.

The entrepreneur is now more than $80 billion richer than the second richest man, his old friend Larry Ellison, the chairman of Oracle, whose fortune is $235 billion.

Elon Musk's net worth over time. Source: Bloomberg

At the close of trading on November 22, Tesla’s stock price rose 3.8% to $352.56. The electric car maker's shares have nearly doubled over the past six months and are now just 15% away from their all-time high of $407 set three years ago in November 2021, according to Google Finance.

The stock has surged 45% since the day before the Nov. 4 election, adding about $350 billion to its market value.

Musk’s wealth mainly comes from his 13% stake in Tesla, worth $145 billion, and his 42% stake in SpaceX, worth $210 billion in June.

According to reports, SpaceX will launch a takeover offer next month, valuing the company at more than $250 billion, and Musk's net worth may further increase by $18 billion.

Elon Musk, who owns Weibo platform X, recently joked about acquiring left-leaning news outlet MSNBC.

On November 21, Comcast announced its intention to spin off cable companies including CNBC and MSNBC, which prompted Musk to ask: "How much will this cost?" in response Donald Trump Jr. commented, "I have the funniest idea ever!!" and tagged Elon Musk following the announcement.

“If you buy MSNBC, I want Rachel Maddow’s job. I’ll wear the sameSame clothes, same glasses, same lies," Joe Rogan quipped.

Source: Little Donald Trump