Donald Trump’s election victory resulted in a $20 billion increase in Elon Musk’s net worth.
Forbes has reported that Elon Musk’s net worth increased by more than 7.5% in a single day, reaching $285.6 billion.
Additionally, Tesla’s stock price registered its highest share price since September 2022 on November 6, concluding at $286.74 in after-hours trading, a nearly 15% increase, according to data from Google Finance.
Musk promptly expressed his enthusiasm for Trump’s victory, even before the official announcement that declared the former president the victor.
The CEO of SpaceX declared on November 6 that Trump had been granted a “crystal unambiguous mandate for change” in a message posted on his social media platform, X.
“The people of America have spoken and spoken with unambiguous clarity,” he stated in a separate post on Nov. 7, following the US Department of Justice’s dismissal of their accusations against Donald Trump of fraud and conspiring to unlawfully overturn the 2020 election.
According to The New York Times, Musk, who campaigned alongside Trump in Pennsylvania, had substantial interests in the election. He contributed at least $119 million to a super PAC that supported the former president.
After Trump’s election victory, Elon Musk’s net worth was not the only one to experience a significant increase.
Jeff Bezos, the second-richest individual in the world, saw his fortune increase by $7 billion, reaching a total of $223.5 billion, as Amazon’s stock price surged 3.8% to a record high of $207 by the close of trading on Nov. 6.
Additionally, Brian Armstrong, the CEO of Coinbase, experienced a profitable day, as his net worth increased by $2.6 billion, reaching approximately $11 billion, as a result of a 31% increase in the company’s stock on Nov. 6.
In addition, Michael Saylor, the founder of MicroStrategy and a Bitcoin enthusiast, experienced a nearly $600 million increase in his estimated net worth, which now stands at $6.6 billion. This increase was the result of a 13% increase in his company’s stock, which matched its annual apex of $258.
Trump’s election victory could generate substantial advantages for the crypto market as a result of his pro-crypto posture and the anticipated deregulation of the digital asset sector.
Trump’s administration has historically demonstrated a favorable stance toward cryptocurrencies, which may result in a more receptive regulatory environment. This change may serve as an incentive for institutional investors to enter the market, thereby increasing the demand and prices of a variety of digital assets. Companies that operate in the crypto sector may also experience decreased compliance costs as a result of more transparent regulations, which would enable them to innovate and expand more freely.
Also Read: Arkham Enters Derivatives Market upon Launch of Perpetual Futures Exchange
