Following Donald Trump’s victory in the US election, the cryptocurrency market saw a remarkable boom, sending Bitcoin to a new ATH, while all digital assets recorded price increases. In addition, important names among wealthy individuals saw their assets increase following the election results.
These names include Elon Musk and Binance’s CZ, as mentioned in a recent article by crypto news platform Protos and a recent article by Bloomberg. Below, we’ll dive into the real facts surrounding this surge in wealth and what may have actually triggered it.
Elon Musk's Fortune Soars $26 Billion in 24 Hours After US Election
A recent article by Protos highlights that while Donald Trump is celebrating his victory after defeating Kamala Harris in the race for the US presidency, some of the world's richest men are celebrating their own financial victories.
The article mentions that Elon Musk's net worth skyrocketed from $264 billion to $290 billion in just 24 hours after Trump's victory.
Tesla shares have also risen significantly since Trump defeated Harris.
At the time of writing, Tesla shares were trading at nearly $297. On November 6, when the world learned that Trump had won the election, Tesla shares jumped from about $254 to over $289. They have continued to rise on a steady upward trajectory since then, reaching their current levels.
Before the US election results, Tesla shares were trading at around $244-254.
It's understandable why their prices spiked after the results, as Trump apparently promised to hire Musk to head the Department of Government Efficiency (DOGE) in the United States when he becomes President.
Musk was also a staunch supporter of Trump during his 2024 campaign, even attending rallies with him.
Today, the tech mogul is ranked by Forbes as a top billionaire with a net worth of more than $290 billion, including money from Tesla and Space X.
Apparently, his net worth increased for political reasons as well, as he has a direct relationship with Trump as one of his main supporters.
Oracle Corporation founder Larry Ellison takes second place with over $226 billion.
Jeff Bezos ranked third, followed by Mark Zuckerberg in fourth.
The Protos publication also mentioned CZ, the founder of Binance, who reportedly saw his net worth spike following the US elections.
CZ's Fortune Increased by $12 Billion Overnight After Trump's Victory – But Why?
CZ saw his fortune increase by $12 billion from the day of the US election until the following morning, Protos noted. They cited data from Bloomberg, which noted that on November 5, CZ's fortune was listed at $38 billion, and today, it is estimated at $52.7 billion.
However, Forbes ranks CZ with a net worth of $60.9 billion, ranking him 25th on their list of top billionaires.
CZ's wealth is said to come mainly from his 90% stake in Binance, and CZ also owns BTC and BNB, Protos notes. They write that Binance has over 150 million registered users, which may be true, but by August 2023, as Bloomberg also highlights. Today, the world's largest cryptocurrency exchange has nearly 239 million registered users, according to official data from its platform.
It is still unclear how much BNB and BTC CZ owns, but given the recent market rally, if he still holds cryptocurrencies, his net worth would have definitely increased as BTC has been hitting new ATHs over the past few days and the entire crypto market has been bullish.
Unlike Musk, whose net worth has increased thanks to the election because of his direct connection to the new US President who will take office in 2025, CZ's net worth has skyrocketed thanks to his cryptocurrency investments and Binance shares that he still owns, as he highlighted in a recent interview with Bloomberg.
Regarding the US election, during the latest Binance Blockchain Week in Dubai, CZ was asked who he prefers between the two US candidates – he said he did not want to answer this question, given his recent troubles with the US.
