Billionaire entrepreneur and Tesla CEO Elon Musk’s net worth surged a whopping $20 billion following Donald Trump’s presidential election victory in the United States.
Musk, who was one of Trump’s biggest financial backers, saw his net worth rise by more than 7.5% in one day, bringing it to $285.6 billion, reported Forbes.
Additionally, Tesla’s stock (TSLA) closed up almost 15% on Wednesday, reaching $286.74 in after-hours trading — the highest share price recorded since September 2022, according to Google Finance.
Musk was quick to celebrate Trump’s victory, even before the election was called in the former president’s favor.
In a post on his social media platform X on Nov. 6, the Space X CEO said that Trump had been given a “crystal clear mandate for change.”
“The people of America have spoken and spoken with absolute clarity,” he said in a separate post on Nov. 7 after the US Department of Justice dropped their cases against Donald Trump after accusing him of fraud and conspiring to illegally overturn the 2020 election.
Musk, who rallied with Trump in Pennsylvania, had a lot at stake in this election, having donated at least $119 million to a super PAC supporting the former president, according to The New York Times.
Elon Musk with the Trump family. Source: Kai Trump
Elon Musk was not the only billionaire who got richer following Trump’s victory.
Jeff Bezos, the world’s second wealthiest person behind Musk, saw his net worth climb $7 billion to $223.5 billion after Amazon shares (AMZN) climbed 3.8% to an all-time high of $207 by the end of trading on Wednesday.
Coinbase CEO Brian Armstrong also had a good day with an increase of $2.6 billion, bringing his net worth to around $11 billion as company stock (COIN) surged a whopping 31% on Nov. 6.
MicroStrategy founder and Bitcoiner Michael Saylor became almost $600 million better off as his estimated net worth climbed to $6.6 billion following a 13% rise in company stock as MSTR gained 13%, equalling its yearly high of $258.
Meanwhile, the Elon Musk hyped memecoin, Dogecoin (DOGE), surged a whopping 40% following the election results as it reached $0.21, its highest price since April.
Trump-themed memecoins did not enjoy the same momentum as most of them have tanked more than 50% over the past 24 hours.
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