New YorkCNN — 

The aftermath of the 2024 US presidential election has been a boon to Elon Musk.

The richest person in the world got even richer Friday, with Musk’s net worth hitting a record $347.8 billion, Bloomberg reported. That beats his previous record set in November 2021, when the Tesla founder’s net worth exceeded $340 billion, according to the Bloomberg Billionaires Index.

Shares of Tesla have rallied since the November 5 election and climbed 3.8% on Friday. Since Election Day, the stock has risen about 40% on investors’ belief that Musk’s influence in the Trump administration will usher in an era of deregulation that will benefit the company. Musk, Tesla’s largest individual shareholder, is roughly $83 billion richer since Election Day, according to the Bloomberg Billionaires Index.

An alliance with President-elect Donald Trump has pushed Musk and his ventures to the forefront. Musk is the chief executive of Tesla and SpaceX, as well as the owner of X and CEO of other ventures, including Neuralink, xAI and the Boring Company. Now, along with Vivek Ramaswamy, he will oversee a new “Department of Government Efficiency (DOGE),” named after a memecoin.

Musk’s artificial intelligence startup, xAI, also more than doubled in value this week in a new funding round, surging to $50 billion from a few months ago, according to the Wall Street Journal.

Musk has skyrocketed past his peers on the billionaire rankings, which often sees the top contenders swapping places. As of Tuesday, Musk was more than $100 billion richer than the second richest person, Amazon founder Jeff Bezos.

CNN’s Allison Morrow contributed to this report.