The world’s richest man, just got a whole lot richer. Following Donald Trump’s victory in the presidential election, Musk’s net worth skyrocketed by over $20 billion.
A big boost for Musk
The billionaire entrepreneur and Tesla CEO saw his wealth increase by more than 7.5% in just one day, bringing his total net worth to an impressive $285.6 billion.
This surge was fueled by a nearly 15% jump in Tesla’s stock price, which closed at $286.74 in after-hours trading on November 6—marking its highest price since September 2022.
Musk was quick to celebrate Trump’s win, even before the election results were finalized.
On his social media platform X, he declared that Trump had received a “crystal clear mandate for change.”
He followed up with another post on November 7, expressing that “the people of America have spoken and spoken with absolute clarity,” especially after the U.S. Department of Justice dropped fraud-related cases against Trump.
Billionaires benefit
Musk had a lot riding on this election, having donated at least $119 million to a super PAC supporting Trump, as reported by The New York Times.
His support for the former president was evident when he rallied with Trump in Pennsylvania.
And Musk wasn’t the only billionaire to see a boost from Trump’s victory. Jeff Bezos, who holds the title of the second-wealthiest person globally, saw his net worth rise by $7 billion to reach $223.5 billion after Amazon shares climbed 3.8%, hitting an all-time high of $207 by the end of trading on November 6.
Coinbase CEO Brian Armstrong also had a fantastic day, with his net worth increasing by $2.6 billion as company stock surged 31% on the same day, bringing his total wealth to around $11 billion.
MicroStrategy founder Michael Saylor saw his fortune grow by nearly $600 million, pushing his net worth to about $6.6 billion after his company’s stock gained 13%, matching its yearly high of $258.
Dogecoin rides the wave
In addition to these gains, Musk’s favorite memecoin, Dogecoin also enjoyed a pretty big boost, surging 40% after the election results and reaching $0.21, its highest price since April.
Of course, not all crypto assets associated with Trump fared as well, many Trump-themed memecoins plummeted over 50% in value within 24 hours.
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