Following Donald Trump’s presidential election victory in the United States, Elon Musk, CEO of Tesla and SpaceX, saw his net worth increase by an astounding $20 billion.
Musk’s Wealth Grows Thanks to Trump’s Win
As one of Trump’s significant supporters, Musk experienced a 7.5% rise in his net worth in a single day, bringing his total wealth to $285.6 billion, according to Forbes.
Additionally, Tesla shares surged nearly 15% on November 6, closing at $286.74 in after-hours trading — their highest level since September 2022, according to Google Finance.
Musk Celebrates Trump’s Mandate
Elon Musk quickly responded to Trump’s victory, even anticipating the outcome before the official announcement. In a November 6 post on his X platform, Musk stated that Trump had received a “crystal-clear mandate for change.”
The following day, Musk highlighted the support from the American people for Trump, writing, “The people of America have spoken, and they have spoken very clearly.” This came after the U.S. Department of Justice withdrew charges against Trump.
Musk’s Significant Financial Investment in Trump’s Campaign
Musk had a substantial stake in this election, having donated at least $119 million to a super PAC supporting Trump, according to The New York Times. He even met with Trump in Pennsylvania, underscoring his commitment to Trump’s campaign.
Other Billionaires Also Profit from Trump’s Victory
Elon Musk wasn’t the only billionaire who benefited from Trump’s victory. Jeff Bezos, the world’s second-richest person, gained $7 billion as Amazon’s stock rose 3.8% to a record high of $207.
Further Gains for Coinbase and MicroStrategy
Coinbase CEO Brian Armstrong saw his net worth increase by $2.6 billion, reaching $11 billion, due to a 31% surge in Coinbase’s stock on November 6. Michael Saylor, founder of MicroStrategy, gained nearly $600 million as MicroStrategy’s shares rose by 13%.
Dogecoin Surges, While Trump’s Memecoins Plunge
Thanks to Musk’s influence, Dogecoin surged by 40% to $0.21, its highest price since April. In contrast, Trump’s memecoins lost over 50% of their value within 24 hours following the election.
For Musk, $20 billion is just pocket change. How would you spend such a 'small amount'? Share in the comments!
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