Elon Musk saw a significant boost to his wealth following Donald Trump’s victory in the 2024 U.S. presidential election. The Tesla CEO and SpaceX founder‘s net worth surged by a staggering $20 billion—an increase of more than 7.5% in a single day, bringing his total wealth to $285.6 billion, according to Forbes.
Tesla’s Stock Soars
Musk’s wealth was buoyed by the strong performance of Tesla’s stock, which closed up almost **15% on *November 6, 2024*. The stock hit *$286.74* in after-hours trading, its highest price since September 2022, according to Google Finance. Tesla’s stock rally was one of the major contributors to Musk’s net worth boost.
Musk Celebrates Trump’s Win
Musk, a major financial backer of Trump’s campaign, was quick to celebrate the former president’s victory, even before the election results were fully confirmed. On November 6, Musk took to his social media platform X to praise Trump’s win, calling it a “crystal clear mandate for change.” Musk also posted on November 7 after the U.S. Department of Justice dropped cases against Trump related to fraud and the 2020 election.
Musk had a personal stake in the election, having donated at least $119 million to a super PAC supporting Trump’s campaign, according to The New York Times.
Other Billionaires Benefit
Musk wasn’t the only billionaire to see an uptick in wealth following Trump’s victory:
- Jeff Bezos, the world’s second-wealthiest person, saw his net worth climb by $7 billion, reaching $223.5 billion as Amazon’s stock rose 3.8% to an all-time high of $207 per share by the end of November 6 trading.
- Brian Armstrong, CEO of Coinbase, also had a good day, with his net worth increasing by $2.6 billion after Coinbase stock surged by 31% on November 6, bringing his total wealth to around $11 billion.
- Michael Saylor, the founder of MicroStrategy and a prominent Bitcoin advocate, saw his net worth rise by $600 million, reaching an estimated $6.6 billion, thanks to a 13% rise in his company’s stock, which hit its yearly high of $258.
Dogecoin Surge
In a notable move, the memecoin Dogecoin, which Musk has famously supported in the past, surged 40% following Trump’s victory. The price of Dogecoin reached $0.21, its highest price since April 2024. However, Trump-themed memecoins did not see the same success. Most of these coins tanked by over 50% within the 24 hours following the election results.
Conclusion
Elon Musk’s net worth saw a sharp increase of $20 billion after Donald Trump’s win in the 2024 U.S. presidential election, driven largely by a rally in Tesla’s stock and Musk’s substantial backing of Trump’s campaign. Musk wasn’t alone, as other billionaires like Jeff Bezos, Brian Armstrong, and Michael Saylor also saw their fortunes grow. Meanwhile, Dogecoin enjoyed a significant surge, while Trump-themed memecoins struggled. Musk’s wealth and influence are increasingly tied to political and market events, underscoring the interconnectedness of politics, technology, and finance.
