Trump Elected, Elon Musk Sees His Fortune Explode!

Elon Musk no longer hides his support for Donald Trump. Between appearances at meetings and generous donations estimated at 120 million dollars, the head of Tesla has made a big bet on the election of the former American president. Result? In just a few hours after the victory of his protégé, his fortune skyrockets, recovering far more than his initial bets. But beyond his enrichment, this election redraws the economic prospects of the United States, particularly for the crypto sphere.

The incredible leap of Elon Musk’s fortune

Elon Musk saw his fortune soar dramatically after Trump’s election. The head of Tesla, having steadfastly supported Trump, is reaping the rewards of his investment, his wealth increasing by nearly 20 billion dollars in one day.

On November 6, Tesla’s stock closed with an impressive increase of 15%, reaching a peak not seen since 2022. This spectacular increase places his total fortune at around 285.6 billion dollars.

Elon Musk’s $20 Billion Net Worth Jump Leads Billionaire Surge After Trump’s Win—Fortunes Of Bezos, Buffett And More Swellhttps://t.co/57M7I7Rp15 pic.twitter.com/OLSqkFpwfO

— Forbes (@Forbes) November 6, 2024

A rapid financial growth that shows Musk has everything to gain from a pro-business and pro-crypto presidency like Trump’s.

Among the other billionaires who saw their fortunes swell that day:

• Jeff Bezos: Up by 7 billion dollars with Amazon’s stock reaching a high of $207;
• Michael Saylor: 600 million more thanks to a 13% rise in MicroStrategy’s stock;
• Brian Armstrong: The head of Coinbase sees his fortune rise by 2.6 billion with a 31% increase in his company.

The support of Musk for Trump goes far beyond mere political sympathies: his bet for pro-crypto leadership could strengthen his position, especially against other tech giants. Musk also hailed this victory on X, calling this new mandate a “mandate for change“.

A transformation that should come with tax reliefs and a more flexible regulatory climate, which has reassured Wall Street and crypto investors.

Elections in the USA: A boost for the crypto sphere?

The results of the American presidential election could mark a turning point for the crypto community. Trump, now known as the “Bitcoin president”, has promised to make the United States the global capital of digital assets.

He has also proposed lowering corporate taxes, a measure that appeals to tech giants, including players in the crypto sector.

If the Trump Tax Cuts expire next year, families making $80,900, the median income, would see a $1,704 tax increase. This is worth almost nine weeks of groceries for a family of four in NE-02. pic.twitter.com/vQboZ9RS7I

— Rep. Don Bacon 🇺🇸✈️🏍️⭐️🎖️ (@RepDonBacon) November 6, 2024

For Elon Musk and other investors, this dynamic opens up new economic prospects in decentralized technologies and digital finance.

In support of this vision, digital currencies like Dogecoin (DOGE), often promoted by Musk, soared by 40% after the election, hitting the jackpot and reaching their highest level since April. However, some Trump-based “memecoins” did not have the same success, even dropping by more than 50% after the vote.

Nevertheless, the overall momentum favors crypto investors, with recorded increases for trading and digital asset management companies.

Brian Armstrong of Coinbase thus benefited from this dynamic, seeing his net worth reach 11 billion dollars thanks to the rise in the shares of his platform.

Ultimately, Trump’s victory could transform the United States into a new economic hub for blockchain and cryptocurrencies, providing fertile ground for tech giants. For America under Biden seemed destined for an imminent economic collapse. Fortunately, the reins are slipping from the Democrats, and a pro-Bitcoin president is taking the reins!