Elon Musk's net worth surged by $26.5 billion after the victory of Republican candidate and former president Donald Trump in the US elections. Musk, the world's richest person, has been one of Trump's largest supporters for this election, having donated around $130 million to his campaign and supporting him on his social media platform X (earlier Twitter). According to the Bloomberg Billionaires Index , Musk's net worth grew to $290 billion after shares of his companies increased post the election results.
Musk's Tesla saw a 15% surge in its share which adds to Tesla's already impressive performance, with shares up 32% over the past year. Musk, a supporter of the president-elect, is expected to influence policy decisions, further boosting investor confidence in Tesla.
The rich get richer after Trump wins US elections
Alongside Musk, the fortunes of the other nine individuals in the world’s top 10 richest list also saw a record daily surge as Donald Trump secured a second term as president.
As per Bloomberg’s Billionaires Index, the net worth of the world's wealthiest individuals surged by a record $63.5 billion, fueled by a post-election rally in US stocks. Apart from Musk, Amazon founder Jeff Bezos and Oracle's Larry Ellison were also among the top gainers.
This surge in wealth also extends to other tech billionaires, including crypto leaders Brian Armstrong of Coinbase and Changpeng Zhao of Binance. Armstrong’s net worth increased by 30% to $11 billion while Zhao’s Binance added $12.1 billion post the US election which boosted his net worth to $52.7 billion.
The surge in wealth is also attributed to market optimism following the US election, with investors anticipating lower taxes and deregulation under the new administration.
The S&P 500 also experienced its best post-election performance in history, jumping 2.5%, while the US dollar also strengthened.
Musk's Tesla saw a 15% surge in its share which adds to Tesla's already impressive performance, with shares up 32% over the past year. Musk, a supporter of the president-elect, is expected to influence policy decisions, further boosting investor confidence in Tesla.
The rich get richer after Trump wins US elections
Alongside Musk, the fortunes of the other nine individuals in the world’s top 10 richest list also saw a record daily surge as Donald Trump secured a second term as president.
As per Bloomberg’s Billionaires Index, the net worth of the world's wealthiest individuals surged by a record $63.5 billion, fueled by a post-election rally in US stocks. Apart from Musk, Amazon founder Jeff Bezos and Oracle's Larry Ellison were also among the top gainers.
This surge in wealth also extends to other tech billionaires, including crypto leaders Brian Armstrong of Coinbase and Changpeng Zhao of Binance. Armstrong’s net worth increased by 30% to $11 billion while Zhao’s Binance added $12.1 billion post the US election which boosted his net worth to $52.7 billion.
The surge in wealth is also attributed to market optimism following the US election, with investors anticipating lower taxes and deregulation under the new administration.
The S&P 500 also experienced its best post-election performance in history, jumping 2.5%, while the US dollar also strengthened.
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