When Donald Trump won the U.S. presidential election on Tuesday night, some of the richest individuals in the world, such as Binance founder CZ and Elon Musk, celebrated significant personal gains.
For example, Elon Musk saw his wealth soar from $264 billion to $290 billion within just 24 hours after Trump's victory. Tesla stock rose 20% following Trump's win over Kamala Harris, contributing to Musk's unexpected profits.
The cryptocurrency world is also enjoying its own new wave of wealth, although on a slightly smaller scale. Bloomberg estimates that Binance founder Changpeng Zhao (CZ) has seen his net worth increase by about $12 billion from election day to the morning after.
Bloomberg and Forbes provide data on CZ's net worth.
On Tuesday, Bloomberg estimated CZ's net worth at $38 billion. Today, they raised it to $52.7 billion. Forbes takes a more generous approach when calculating the Binance executive's wealth. Although they do not provide historical estimates, they currently value his net worth at $60.6 billion.
The bulk of CZ's wealth comes from his 90% stake in Binance, the world's largest cryptocurrency exchange with over 150 million registered users. Although Binance is a private company and does not share financial data, Bloomberg predicts that the company generates about $9.8 billion per year from spot and derivatives trading.
CZ also mentioned that he holds Bitcoin and BNB of Binance. Analysts say the sudden increase in CZ's net worth is related to the rise in cryptocurrency prices following Trump's victory.
With Bitcoin rising 7% this week and hundreds of billions added to the global cryptocurrency market cap, the equity value of Binance has surged as a reflection of the gains that cryptocurrency investors are seeing.
What Donald Trump's victory means for the cryptocurrency market.
Donald Trump, a strong supporter of the U.S. cryptocurrency industry, has declared victory in the race for a second term as U.S. president. Although the Associated Press has not officially called the race, Trump celebrated with a large crowd at the Republican Party headquarters in Mar-a-Lago, Florida, after winning the election.
The Republican Party has also gained control of the Senate, with a chance of winning the House of Representatives, although ballot counting is still ongoing. The former president won in Georgia, a key swing state, early in the ballot counting on Tuesday night, leading Democratic candidate Vice President Kamala Harris.
He then won in Pennsylvania, another important state with 19 electoral votes, early Wednesday morning. While Trump has not yet reached the 270 electoral votes needed to officially secure the presidency, his leads in Wisconsin and Michigan suggest he will easily surpass this threshold. Many in the cryptocurrency industry welcomed Trump's victory, hoping he would fulfill his promises to support and protect their interests.
CZ discusses the possibility of returning to Binance.
In a recent interview on the Wu Blockchain podcast, Zhao — who stepped down as CEO of Binance following a guilty plea with U.S. authorities last November — shared his experience in prison. He shared that what he remembers most is simply connecting with people.
Zhao discusses his sentencing related to the Bank Secrecy Act, noting that he is the first person to be imprisoned for a single violation like this. In reviewing recent cases, he mentioned TD Bank's $1.8 billion fine for similar issues, where no individuals were held accountable.
Looking to the future, CZ shares that his main focus is currently on two projects: Giggle Academy and investing in blockchain, AI, and biotechnology.
Trump's return to the presidency has shaken the financial world, energizing some of the biggest figures globally. Elon Musk's net worth is rising as Tesla shares accelerate, and Binance's CZ is seeing his wealth reach new heights.
Trump's clear support for the U.S. cryptocurrency industry and his business-friendly approach is restoring investor confidence and driving market growth. With his administration being formed, experts and investors are closely watching how his policies will shape the cryptocurrency and technology landscape.
