Elon Musk, Tesla’s CEO and one of the world’s wealthiest individuals, saw his net worth skyrocket following Donald Trump’s election victory. His fortune grew by an astonishing $20 billion, a 7.5% increase that brought his overall net worth to $285.6 billion. Tesla’s stock also rose by about 15% in post-election trade, reaching its highest level since 2022.
Musk, a vociferous Trump supporter and major financial backer, was quick to express his delight with the election results. Before the official announcement, Musk expressed on social media that Trump had received a “crystal clear mandate for change.” After the Department of Justice withdrew its cases against Trump, Musk stressed how clearly “the people of America have spoken.”
Musk’s support for Trump went beyond words; he reportedly paid $119 million to a superPAC supporting the former president, demonstrating the importance Musk placed on the outcome of the election. His public support for Trump included rallies and posts promoting Trump’s policies and vision for the country.
Several other affluent individuals, including Amazon founder Jeff Bezos, made large financial gains. Bezos’s net worth increased by $7 billion as Amazon’s stock price soared. Brian Armstrong of Coinbase and Michael Saylor of MicroStrategy also saw their fortunes expand as their respective companies’ stock prices rose.
Musk’s influence extends beyond the technology and automobile industries. There is talk regarding a potential government role, as Trump has intimated that Musk could be appointed to a position focused on increasing government efficiency. This approach is consistent with Trump’s earlier habit of recruiting private-sector CEOs into his government. Musk’s support for Trump, as well as his probable appointment, demonstrate the growing influence of prominent business executives in political and economic matters.
In addition, Musk’s backing for Dogecoin had a good knock-on effect, with the memecoin surging by 40% following the election. While Trump-themed coins failed, Dogecoin’s surge demonstrated the influence Musk’s endorsement can have on cryptocurrency markets.
