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 reported.
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, according to Google Finance.
Musk was quick to celebrate Trump’s victory, 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.”
“The people of America have spoken and spoken with absolute clarity,” he said 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.
Musk, who rallied with Trump in Pennsylvania, had a lot at stake in the election, having donated at least $119 million to a super PAC supporting the former president, according to The New York Times.
Elon Musk with the Trump family. Source: Kai Trump
Musk was not the only billionaire who got richer following Trump’s victory.
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.
MicroStrategy founder and Bitcoiner Michael Saylor 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.
Related: Crypto stocks close on huge gains riding Donald Trump’s US election win
Meanwhile, the Musk-hyped memecoin, Dogecoin (DOGE), surged 40% following the election results, reaching $0.21, its highest price since April.
Trump-themed memecoins did not enjoy the same momentum, as most have tanked more than 50% over the past 24 hours.
Magazine: AI agents trading crypto is a hot narrative, but beware of rookie mistakes