Trump’s Presidency Boosts Elon Musk’s Wealth by $20 Billion

Elon Musk, the billionaire entrepreneur and CEO of Tesla, saw his fortune surge by more than $20 billion following Donald Trump’s victory in the 2024 U.S. presidential election.

According to Forbes, Musk’s net worth experienced a remarkable one-day increase of over 7.5%, reaching $285.6 billion.

Trump’s Victory Boosts Elon Musk’s Wealth by $20 Billion

Tesla’s stock (TSLA) also saw significant gains, rising by approximately 15% on Wednesday. In after-hours trading, shares hit $286.74, the highest price since September 2022, signaling a strong market response to Trump’s electoral success.

A Warm Welcome for Trump

Musk, who had been vocal in his support of Trump during the election cycle, celebrated the former president’s win on social media. Prior to the official results, Musk posted on platform X (formerly Twitter), praising Trump as someone with “a clear mission for change.” He later shared another message on November 7, following the closure of the U.S. Department of Justice’s investigations into Trump’s alleged election fraud. Musk described the outcome as a clear and decisive statement from the American people.

Musk had previously made significant financial contributions to Trump’s campaign, donating at least $119 million to support the president’s political endeavors, particularly in Pennsylvania.

A Ripple Effect Among the World’s Wealthiest

Musk was not the only billionaire to benefit from Trump’s victory. Jeff Bezos, the second-richest person in the world, also saw his wealth rise by $7 billion, bringing his fortune to $223.5 billion. Amazon’s (AMZN) stock grew by 3.8%, reaching an all-time high of $207 per share.

Brian Armstrong, CEO of Coinbase, had a notable day as well, with his wealth increasing by $2.6 billion, pushing it to approximately $11 billion. Coinbase’s (COIN) stock surged by 31% on November 6, marking a significant rally.

Meanwhile, Michael Saylor, the founder of MicroStrategy, saw a $600 million boost to his net worth, which now stands at $6.6 billion. His company’s stock climbed 13%, reaching its highest level of the year at $258 per share.

Cryptocurrencies React to the Election Results

Among the most notable market movements was the spike in the price of Dogecoin (DOGE), the meme-based cryptocurrency that Musk has long supported. Following Trump’s victory, Dogecoin surged by 40%, reaching $0.21—its highest value since April 2024.

However, Trump-inspired cryptocurrencies, which were expected to gain traction following his win, experienced a sharp decline. These digital assets lost over 50% of their value in just 24 hours, disappointing many of their supporters.

Conclusion

The immediate financial aftermath of Trump’s victory highlights a significant shift in the fortunes of some of the world’s wealthiest individuals, particularly those in tech and cryptocurrency. While Musk and other billionaires have seen substantial gains, the mixed performance of Trump-related cryptocurrencies suggests that not all sectors reacted positively to the political outcome.