Tesla CEO Elon Musk's valuation of his holdings, which is considered the biggest contributor to Donald Trump's victory in the U.S. presidential election, has reached a new all-time high.
According to Bloomberg News and CNN, Musk's net asset valuation was estimated at $347.8 billion and 489 trillion won in Korean money as of the 22nd local time.
That beats previous records recorded three years ago in November 2021, Bloomberg said.
The increase in Musk's valuation of his holdings reflects Tesla's soaring stock price since the U.S. presidential election on the 5th.
Musk is the largest shareholder with about 13% of Tesla's stake, with Tesla shares up about 40% from before the U.S. presidential vote.
As a result, Musk is estimated to have increased by $83 billion and 116 trillion won in Korean money from before the U.S. presidential election, local media said.
CNN diagnosed the phenomenon as Musk is known to take an important role in the second Trump administration, which is expected to be a boon for related companies.
Musk has been tapped as co-head of the government's efficiency department to be established in the next administration.
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