Elon Musk’s Wealth Soars as Donald Trump Becomes 47th US President

Donald Trump is all set to become the next US President and this has triggered upticks in the value of cryptocurrencies like Bitcoin and Ethereum, and US stocks. It has simultaneously served well to billionaires like Elon Musk whose wealth has surged significantly, as he gained approximately $20.9 billion especially on Wednesday. Others on the list are Jeff Bezos and Warren Buffett, however, there is a tremendous focus on Musk because he was one of the most active campaigners for Trump in the US Presidential 2024 elections.

Elon Musk, the Chief Executive Officer of Tesla, saw a daily rise of 7.89% in his wealth despite donating huge amounts to Presidential campaigns. He now has a net worth of $285.6 billion with a daily wealth gain of approximately $20.9 billion. This has solidified his position at the top of the list of billionaires. What comes as a surprise is a surge in the stock value of Tesla.

Several EVs reported a dip in their values because Donald Trump comes with a probability of rolling back rebates and tax incentives that were introduced during the Biden administration. Trump is more likely to expand mining activities across the US which, in his opinion, will help curb price rise. But for Tesla, the stock is currently up by 14.75%, listed at $288.53. TSLA and Elon Musk are assumed to gain a lot with Trump assuming Presidential office from January 2025.

CFRA Research senior analyst Garrett Nelson said, in a note this Wednesday, that TSLA and Musk were the ‘biggest gainers from the election results’.

Elon Musk has not publicly addressed this aspect but continues to be vocal in his support for Trump. He is confident that the second term of Trump will be effective considering they have attained a majority in the Senate and are close to forming a majority in the House of Representatives.

Courtesy: Forbes Global List

Jeff Bezos’s net worth stands at $223.5 billion with a daily wealth gain of around $7 billion. There was a similar trend for the stock price of Amazon as well with a gain of 3.8% on Wednesday to take the price to $207. The third influential figure to feature on the list is Larry Ellison, the CTO & Founder of Oracle. He now has a net worth of $220.8 billion with a daily gain of approximately $11.7 billion. Share prices of Oracle are up by 5.51%, listed at $181.24 at the press time.

Bill Gates, who was reported to have secretly backed Kamala Harris with a donation of $50 million, saw stock prices of Microsoft jump by 2.12% to $420.18.

Others whose net worth has soared since election results are Larry Page and Warren Buffett. Their net worth is $146.4 billion and 147.4 million, respectively. There is a lot that is likely to happen as the time for Donald Trump to take the Presidential chair draws closer. This includes upticks in the net worth of individuals, share prices of their companies, and values of cryptocurrencies.

Also Read: Elon Musk Promises $2 Trillion Cut in U.S. Spending if Trump Wins