Elon Musk’s net worth recently hit an all-time high of $347.8 billion, thanks to continued gains in Tesla stock and a new funding round that valued his artificial intelligence startup xAI at $50 billion.

Elon Musk – the world’s richest person – now has a fortune that exceeds the previous high of $340.4 billion – set in November 2021. Two-thirds of his fortune comes from Tesla shares and options.

This year alone, Elon Musk’s fortune has increased by $118 billion, leaving second-place Jeff Bezos on the billionaire list with a gap of $129 billion.

The value of Musk’s businesses has skyrocketed since Donald Trump’s victory, putting the billionaire at the center of political attention.

Tesla shares rose 3.8% late last week, reflecting optimism about the Trump administration’s plans for self-driving cars and electric vehicle subsidies, giving Tesla a big advantage over other competitors.

Since November 4, the day before the election, Tesla’s stock price has increased 45% — adding about $350 billion to its market value.

Tesla’s market capitalization has now risen to more than $1,100 billion, surpassing legendary investor Warren Buffett’s Berkshire Hathaway. Meanwhile, Elon Musk’s stake in Tesla accounts for 13%, raising his personal fortune to surpass the $327 billion capitalization of software company Salesforce.

Meanwhile, xAI’s valuation has doubled since its last fundraising in May. Trump’s victory helped attract new investor interest, the WSJ reported.

Also last week, Mr. Trump attended a SpaceX launch event with Musk — the company is discussing a private equity offering that could value SpaceX at more than $250 billion.