Donald Trump

Elon Musk

Billionaire entrepreneur and Tesla CEO Elon Musk’s net worth surged by a whopping $20 billion following Donald Trump’s presidential election victory in the United States.
Musk, who was one of Trump’s biggest financial backers, saw his net worth rise by more than 7.5% in one day, bringing it to $285.6 billion, Forbes <a data-ct-non-breakable="null" href="https://www.msn.com/en-us/money/companies/elon-musk-s-20-billion-net-worth-jump-leads-billionaire-surge-after-trump-s-win-fortunes-of-bezos-buffett-and-more-swell/ar-AA1tDF2U" rel="null" target="null" text="null" title="null">reported</a>.
Additionally, Tesla’s stock closed up almost 15% on Nov. 6, reaching $286.74 in after-hours trading — the highest share price recorded since September 2022, <a data-ct-non-breakable="null" href="https://www.google.com/finance/quote/TSLA:NASDAQ" rel="null" target="null" text="null" title="null">according</a> to Google Finance.&nbsp;
Musk was quick to celebrate <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/trump-declares-victory-crypto-community" rel="null" target="null" text="null" title="null">Trump’s victory</a>, even before the election was called in the former president’s favor.
In a post on his social media platform X on Nov. 6, the Space X CEO said that Trump had been given a “crystal clear mandate for change.”&nbsp;
“The people of America have spoken and spoken with absolute clarity,” he <a data-ct-non-breakable="null" href="https://x.com/elonmusk/status/1854337390569009217" rel="null" target="null" text="null" title="null">said</a> in a separate post on Nov. 7 after the US Department of Justice dropped their cases against Donald Trump that had accused him of fraud and conspiring to illegally overturn the 2020 election.&nbsp;
Musk, who rallied with <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/donald-trump-and-ross-ulbricht-presidential-pardon-for-silk-road-creator" rel="null" target="null" text="null" title="null">Trump</a> in Pennsylvania, had a lot at stake in the election, having donated at least $119 million to a <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/fairshake-super-pac-raising-us-midterms" rel="null" target="null" text="null" title="null">super PAC</a> supporting the former president, according to The New York Times.
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 <img alt="Elon Musk" src="https://s3.cointelegraph.com/uploads/2024-11/01930533-1be1-7dff-ad33-7e6bf0ef6aa3" title="">
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 Elon Musk with the Trump family. Source: <a data-ct-non-breakable="null" href="https://x.com/KaiTrumpGolfs/status/1854274706448199849" rel="null" target="null" text="null" title="https://x.com/KaiTrumpGolfs/status/1854274706448199849">Kai Trump</a>
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Musk was not the only billionaire who got richer following Trump’s <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/live-countdown-us-elections-2024-crypto-industry" rel="null" target="null" text="null" title="null">victory</a>.
Jeff Bezos, the world’s second-wealthiest person behind Musk, saw his net worth climb $7 billion to $223.5 billion after Amazon shares rose 3.8% to an all-time high of $207 by the end of trading on Nov. 6.
Coinbase CEO Brian Armstrong also had a good day with an increase of $2.6 billion, bringing his net worth to around $11 billion as company stock surged 31% on Nov. 6.&nbsp;
MicroStrategy founder and Bitcoiner <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/who-is-michael-saylor" rel="null" target="null" text="null" title="null">Michael Saylor</a> became almost $600 million better off as his estimated net worth climbed to $6.6 billion following a rise in company stock as it gained 13%, equalling its yearly high of $258.&nbsp;
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/crypto-stocks-gain-donald-trump-election-win" rel="null" target="null" text="null" title="null">Crypto stocks close on huge gains riding Donald Trump’s US election win</a>
Meanwhile, the Musk-hyped memecoin, Dogecoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/doge-price-index" rel="null" target="null" text="null" title="null">DOGE</a>), surged 40% following the election results, reaching $0.21, its highest price since April.&nbsp;
Trump-themed memecoins did not enjoy the same momentum, as most have <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/trump-memecoins-tank-40-after-us-election-victory" rel="null" target="null" text="null" title="null">tanked more than 50%</a> over the past 24 hours.&nbsp;
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/hype-ai-agents-crypto-just-turned-into-reality/" rel="null" target="null" text="null" title="null">AI agents trading crypto is a hot narrative, but beware of rookie mistakes</a>

Elon Musk’s net worth soars by over $20 billion after Trump win

Cointelegraph

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