Tesla CEO and billionaire Elon Musk’s wealth jumped dramatically, adding over $20 billion to his net worth after Donald Trump won the U.S. presidential election.
Musk, a key Trump supporter, saw a 7.5% gain in his net worth in just one day, boosting it to $285.6 billion, according to Forbes.
Tesla shares also soared, closing up nearly 15% on November 6 and reaching $286.74 in after-hours trading—the highest level since September 2022, based on data from Google Finance.
Celebrating Trump’s victory, Musk posted enthusiastically on his platform X, calling the election outcome a “clear mandate for change.” In a later message on November 7, he noted that “the American people have made their voices heard,” following the Department of Justice’s decision to dismiss fraud and conspiracy charges against Trump related to the 2020 election.
With significant personal investments in Trump’s campaign, including $119 million donated to a supporting super PAC, Musk had much at stake in the election, as reported by The New York Times.
Musk wasn’t the only billionaire benefiting from Trump’s win. Amazon founder Jeff Bezos, the world’s second-richest person, saw his fortune increase by $7 billion to $223.5 billion as Amazon’s shares rose 3.8% to an all-time high of $207 by the close of November 6.
Coinbase CEO Brian Armstrong also experienced a profitable day, adding $2.6 billion to his wealth as Coinbase stock surged 31%, raising his net worth to around $11 billion. Similarly, MicroStrategy founder Michael Saylor saw his fortune rise by $600 million, reaching $6.6 billion as his company’s stock price gained 13%, reaching its yearly peak at $258.
The election results also boosted the price of Dogecoin, a cryptocurrency often promoted by Musk, which jumped 40% to reach $0.21—its highest since April. However, Trump-themed cryptocurrencies didn’t fare as well, with most losing more than 50% of their value in the 24 hours following the election.
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