Elon Musk, CEO of Tesla, saw his net worth increase by more than $20 billion after Donald Trump’s victory in the recent U.S. presidential election. The election outcome led to rise in Tesla’s stock price, which ultimately led to the growth in Musk’s wealth. According to Forbes, Musk’s net worth is now valued at $285.6 billion.
The 7.5% boost to Musk’s net worth was fueled by a 15% jump in Tesla’s stock, which closed at $286.74 on Nov. 6.
TESLA stock price rose by 14% after election outcome. Source: Google FinanceElon Musk, a vocal supporter and one of the top financial backers of Trump’s campaign, expressed his enthusiasm for the victory early on. He shared his support on his platform X, saying that Trump’s win represented a “crystal clear mandate for change.”
Following the U.S. Department of Justice’s decision to drop charges against Trump in cases related to fraud and the 2020 election, Musk reiterated his views. He posted, “The people of America have spoken with absolute clarity.”
Reports indicate Musk had a lot at stake in the election. He donated at least $119 million to a political action committee (PAC) supporting Trump, as cited by The New York Times.
Other Billionaires See Wealth Gains
Elon Musk wasn’t the only high-profile billionaire to benefit from the election results. Amazon founder Jeff Bezos, the world’s second-richest person, saw a $7 billion increase in his wealth as Amazon shares rose 3.8%, closing at $207. Bezos’s net worth now stands at $223.5 billion.
Similarly, Coinbase CEO Brian Armstrong enjoyed a $2.6 billion increase in his net worth. It now totals approximately $11 billion, after Coinbase stock surged by 31% on Nov. 6.
Michael Saylor, the founder of MicroStrategy, also saw gains. His net worth rose by $600 million to reach $6.6 billion due to a 13% increase in MicroStrategy’s stock, hitting a yearly high of $258.
Elon Musk Favourite DOGE Surged By 40% While Trump-Themed Cryptos Decline
In the cryptocurrency space, Dogecoin, a digital currency often promoted by Elon Musk, spiked 40% after the election. Dogecoin reached $0.21 — its highest level since April.
Dogecoin surged 40% following the election outcome. Source: CoinMarketCapHowever, Trump-themed cryptocurrencies did not share the same success; many of these coins dropped by over 50% in the past 24 hours.
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