Brothers and sisters, the news is relatively light over the weekend, so let's take a quick look at Musk's latest news; his fortune has risen to $348 billion! Tesla founder Elon Musk's wealth reached a record $347.8 billion (approximately 2.5 trillion yuan) on Friday. This increase is due to the continued rise in Tesla's stock price, as well as the latest round of funding for his artificial intelligence startup xAI, which has a valuation of $50 billion. Since Trump won the election, the value of several of Musk's businesses has soared rapidly. The entrepreneur, referred to as the 'first partner,' has drawn political spotlight due to his relationship with Trump. Tesla's stock rose 3.8% on Friday, reflecting the market's optimistic attitude that the autonomous vehicle and electric vehicle subsidy policies planned by Trump's team will give Tesla an industry advantage. Since the day before the election on November 4, Tesla's stock has risen 45%, increasing its market value by approximately $350 billion.
Meanwhile, xAI's valuation has more than doubled since its last funding round in May. According to the Wall Street Journal, Trump's victory has significantly increased new investors' interest in xAI. Additionally, Trump attended a SpaceX launch event with Musk this Wednesday; the company is planning a round of private equity sales that will push its valuation over $250 billion. According to the Bloomberg Billionaires Index, Musk is now the world's richest person, with a fortune surpassing the historical high of $340.4 billion set in November 2021. As Tesla's largest individual shareholder, Musk's wealth has grown by about $83 billion (approximately 600 billion yuan) since election day. The 53-year-old Musk allied with Trump in the final stages of the election campaign, campaigning together in key states and donating over $170 million to political action committees supporting Republican candidates. According to Bloomberg News, members of Trump's transition team revealed to advisors that they plan to prioritize creating a federal framework for autonomous vehicles as one of the Department of Transportation's priorities, which may facilitate the wider deployment of vehicles that do not require human control. This is a positive development for Tesla, as the company has positioned the launch of such cars and trucks as a core part of its future strategy. Current U.S. federal policy only allows Tesla and other automakers to deploy 2,500 fully autonomous vehicles each year. In a recent earnings call, Musk complained that fragmented regulations at the state level (such as California) have limited Tesla's ability to expand its autonomous driving technology. Musk will co-lead the newly established 'Department of Government Efficiency,' and he stated that he will use this position to significantly reduce bureaucracy and regulations. In the billionaire rankings, Musk has significantly outpaced his peers, a list that typically sees top billionaires alternating in the lead. Currently, Musk's wealth exceeds that of the second-placed Amazon founder, Jeff Bezos, by more than $100 billion.
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