Following Donald Trump’s victory in the presidential election, the world’s richest man has become much richer.
Tesla CEO Elon Musk’s net worth skyrocketed by $20 billion after Donald Trump’s U.S. presidential election win.
Forbes reported a 7.5% increase in a single day, bringing Musk’s net worth to $285.6 billion.
According to Google Finance, Tesla shares (TSLA) surged nearly 15% on Wednesday, closing at $286.74 in after-hours trading — the highest since September 2022.
Musk celebrated Trump’s victory early, posting on his social platform X on November 6, calling Trump’s win a “crystal clear mandate for change.”
He added on November 7, “The people of America have spoken and spoken with absolute clarity,” following the U.S. Department of Justice’s decision to drop cases against Trump related to alleged fraud and attempts to overturn the 2020 election.
Having contributed at least $119 million to a super PAC supporting Trump, according to The New York Times, Musk had a significant interest in the election’s outcome and even campaigned alongside Trump in Pennsylvania.
Other billionaires also saw their wealth rise after Trump’s win. Jeff Bezos’s net worth increased by $7 billion to $223.5 billion after Amazon’s stock (AMZN) climbed 3.8%, hitting an all-time high of $207 by Wednesday’s close.
Coinbase CEO Brian Armstrong saw a $2.6 billion increase, bringing his net worth to around $11 billion as Coinbase shares (COIN) jumped 31% on November 6.
MicroStrategy founder Michael Saylor’s net worth rose by $600 million to $6.6 billion as MSTR shares gained 13%, matching its yearly peak at $258.
In the crypto space, the Musk-supported Dogecoin surged by 40% after the election, reaching $0.21, its highest level since April.
However, Trump-themed memecoins did not fare as well, dropping over 50% in the past 24 hours.
