Musk's wealth hits record $469b on post-election boom

Mr Elon Musk's net worth hit an all-time high of US$347.8 billion (S$469 billion) on Nov 22, driven by Tesla's ongoing stock rally and a new funding round valuing his artificial intelligence start-up xAI at US$50 billion.

Mr Musk's numerous businesses have been surging in value since Donald Trump's election victory propelled Mr Musk into the political spotlight.

Tesla shares rose 3.8 per cent on Nov 22, reflecting ongoing optimism that the Trump team's plans for self-driving cars and electric vehicle (EV) subsidies will give Mr Musk's firm an advantage over its peers.

The stock is up 45 per cent since Nov 4, the day before the election, adding about US$350 billion in market value.

Meanwhile, the value of xAI has more than doubled since it last raised money in May, with The Wall Street Journal reporting that Trump's victory helped drive new investor interest.