Elon Musk net worth grew by over $20 billion after Donald Trump won the U.S. presidential election. The increase in Musk’s wealth was mainly due to a sharp rise in Tesla shares, reflecting investor confidence in Musk’s businesses under Trump’s policies.
Elon Musk net worth increased by a massive $20 billion, or 7.5%, in just one day after Donald Trump’s presidential election victory. Musk’s fortune reached $285.6 billion, The increase in Musk’s wealth was mainly due to the rise in Tesla’s stock. This sudden rise in wealth was one of the largest single day jumps for Musk, and it made Musk the number 1.
Elon Musk Net Worth by Tesla’s Stock Rises
On November 6, 2024, Tesla’s stock experienced a sharp rise, closing up nearly 15%. The shares hit $286.74 in after hours trading, marking the highest price since September 2022. The rise in stock price reflected investors’ optimism about Tesla’s future, particularly after the victory of Trump, who has long been seen as a supporter of business friendly policies.
(adsbygoogle = window.adsbygoogle || []).push({});Musk’s Support for Trump
Elon Musk has been one of Donald Trump’s biggest financial supporters. During the election, Musk backed Trump not only through public endorsements but also by donating at least $119 million to a super PAC supporting him. Musk has publicly expressed his approval of Trump’s pro business approach, and this connection appeared to benefit his fortune following Trump’s victory.
Before the election was even officially called, Musk shared his thoughts on social media. He said,
“Trump had received a “crystal clear mandate for change,” showing his support for the new administration”.
Musk’s active presence on social media and in Election Campaign helped rally supporters, further increasing investor confidence in his ventures, particularly Tesla.
Impact of Trump’s Policies
Trump’s victory was seen as a positive sign for Musk’s business ventures including Elon Musk net worth. Investors believed that under Trump’s policies, Tesla and other Musk related businesses would benefit from a favorable regulatory environment and tax policies. Musk’s fortune benefited from this optimism, with his net worth increasing by $26 billion, as Tesla shares climbed 14.75%.
(adsbygoogle = window.adsbygoogle || []).push({});Trump Praises Musk
During his victory rally, Trump took the opportunity to praise Elon Musk. Trump referred to Musk as “a star” on his Election winning speech and highlighted his achievements, particularly in space exploration through SpaceX. Trump also mentioned how Musk had helped communities impacted by natural disasters, such as by providing Starlink services to assist those affected by Hurricane Helene. This public praise from Trump helped elevate Musk’s image even further, both as a businessman and an innovator.
Other Billionaires Benefit Too
Not only Elon Musk net worth increased in wealth after Trump’s victory. Amazon’s Jeff Bezos, for instance, saw his net worth grow by $7 billion, reaching $223.5 billion. Additionally, other prominent figures like Brian Armstrong, the CEO of Coinbase, and Michael Saylor, the founder of MicroStrategy, also saw gains in their net worth, benefiting from the rally in stock prices following the election.
Musk’s Influence on Dogecoin
Musk’s influence extended beyond Tesla. His support for cryptocurrencies, particularly Dogecoin, also had an impact. Following Trump’s victory, Dogecoin rised 40%, reaching its highest price since April 2024. Musk’s involvement with the memecoin has been a major factor in its popularity and price movements, adding another layer of success to his financial portfolio.
Conclusion
Elon Musk net worth grew following Donald Trump’s election win, with a rise in Tesla’s stock price and Musk’s strong support for Trump. The election result, seen as favorable for business especially for Tesla led to an increase in Elon Musk net worth in total. This highlights the link between business leaders and political outcomes, as markets can quickly react to changes in leadership. For Musk, this rise in wealth is another sign of his growing influence in both business and politics.
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