Following Donald Trump’s victory in the November 6, 2024 presidential election, several billionaires, especially those in the technology and finance sectors, such as Elon Musk, have seen a substantial increase in their net worth.
That surge came as the S&P 500 rose 2.5% and the Nasdaq jumped 2.9% on Wednesday, showing strong gains in the wake of the election. The Bloomberg Billionaires Index showed Musk’s net worth alone rose more than 26 billion USD, driven by a sharp rise in Tesla shares.
This boost came from the market’s positive reaction to Trump’s anticipated policies, such as corporate tax cuts and a pro-crypto stance.
Musk, who has contributed about 119 million USD to Trump’s campaign, has benefited from this renewed investor confidence. Trump has hinted during his campaign that he intends to offer Musk a position in his administration. Talks about Musk’s potential role have focused on creating a position focused on increasing government efficiency and reducing costs.
Musk jokingly referred to this position as the head of the “Department of Government Efficiency” (DOGE).
In addition to Musk, CZ and Brian Armstrong’s net worth jumps
Meanwhile, Binance founder Changpeng Zhao’s wealth increased by 12.1 billion USD on Wednesday, bringing his net worth to 52.7 billion USD. His fortune is tied to the crypto market, especially the value of Bitcoin and Binance Coin (BNB).
A surge in prices boosted assets. As we know, Bitcoin hit a new record high, surpassing 76,000 USD after Trump’s victory.
Coinbase CEO Brian Armstrong’s net worth has increased by 2.5 billion USD to 11 billion USD. This jump came mainly from the 31% increase in Coinbase shares following the election. This directly increased his wealth due to his significant stake in the company.
Analyst predicts Bitcoin spike, higher inflation risk with Trump victory
Bitget Research’s Ryan Lee noted that Trump’s reelection could drive sidelined funds back into the market out of fear, potentially pushing Bitcoin to new highs.
“The market is currently in a buy consensus phase,” Lee said. The analyst also predicts that in the medium to long term, Trump’s policies could benefit Bitcoin. But they could trigger higher inflation in the U.S., with interest rates possibly rising above 3.5%.
Additionally, with Republicans controlling Congress, positive changes in cryptocurrency regulation could occur, benefiting the industry, he said.
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