Billionaires’ wealth soars as Trump’s victory sparks market rally and crypto surge

The fortunes of some of the world’s wealthiest individuals surged on Wednesday following Donald Trump’s presidential election victory. With high hopes for policies that could benefit corporations and the cryptocurrency sector, several billionaires saw remarkable increases in their net worth.

Billionaire entrepreneur and Tesla CEO Elon Musk’s net worth skyrocketed by $20 billion following Donald Trump’s victory in the US presidential election. Forbes reported that Musk, one of Trump’s biggest financial backers, saw his net worth rise by almost 8% in one day to $285.6 billion.

The stock price for Tesla, which the billionaire CEO holds 13%, has risen by a double-digit percentage since the start of Wednesday’s trading. 

Musk wasted no time celebrating Trump’s apparent victory, even before the election results were officially announced in the former president’s favor. On November 6, the CEO of Space X wrote on his social media site X that Trump had been granted a “crystal clear mandate for change.”

In a separate post on Nov. 7 after the US Department of Justice abandoned its proceedings against Donald Trump, accusing him of fraud and conspiring to reverse the 2020 election fraudulently Musk said:

The people of America have spoken and spoken with absolute clarity.

~Elon Musk

Musk, who rallied with Trump in Pennsylvania, had a lot riding on the election, having spent at least $119 million to a super PAC backing the former president, according to The New York Times.

Cryptocurrency leaders reap massive gains following Trump’s victory

Jeff Bezos, the world’s second-wealthiest person after Musk, saw his net worth increase by $7 billion to $223.5 billion after Amazon shares surged 3.8% to an all-time high of $207 by the end of trading on November 6.

Larry Ellison, co-founder of Oracle, also saw his wealth rise significantly, with his net worth growing by almost $12 billion to $220.8 billion. Warren Buffett, the legendary investor and CEO of Berkshire Hathaway, also gained $7.6 billion, bringing his total fortune to $147.4 billion as Berkshire Hathaway shares climbed over 5%.

Investors see massive gains as Bitcoin hits All-Time High 

Coinbase CEO Brian Armstrong also had a fantastic day, with a $2.6 billion boost, raising his net worth to roughly $11 billion after the company’s shares rose 31% on November 6. MicroStrategy inventor and Bitcoiner Michael Saylor’s estimated net worth increased by over $600 million to $6.6 billion after company shares rose 13%, matching its monthly high of $258.

Robinhood’s co-founders, Vlad Tenev and Baiju Bhatt, each saw nearly $300 million added to their fortunes as Robinhood shares rallied 20%. The world’s leading crypto, Bitcoin, rose more than 7% to an all-time high of $76,400 shortly after Trump won the White House race.