Elon Musk's net worth surges by $26.5 billion after Donald Trump wins US election

Elon Musk, with other billionaires like Amazon's Jeff Bezos, Oracle's Larry Ellison, and Warren Buffett saw their net worths rise after Trump won the elections

Updated on: Nov 7, 2024, 10:20:34 IST

By Abhyjith K. Ashokan

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The victory of Republican candidate and former president Donald Trump in the US elections this time led to the net worth of his largest backer surging by $26.5 billion.

Tesla CEO and X owner Elon Musk. (Reuters)

Elon Musk, the world's richest person, has also been one of Trump's largest supporters for this election, having donated around $119 billion to his campaign and endlessly supporting him on his social media platform X (Formerly Twitter).

Also Read: 'Greatest cutter': What role could Elon Musk play in Donald Trump administration?

The end result? His net worth grew by $26.5 billion to reach $290 billion, according to the Bloomberg Billionaires Index, after shares of his companies rallied post the election results.

Tesla shares for instance, rose by 14.75% or by $37.09 to reach $288.53 a share on the Nasdaq. The stock rose 18.81% over the previous two days from its close of $242.84 on November 4 to $288.53 on November 6.

Who were the other billionaires whose net worth rose after the elections?

It was not just Musk who gained from Trump's victory. Amazon founder Jeff Bezos, the second richest person in the world, saw his net worth rise by $7.14 billion to reach $228 billion.

Also Read: What if carmaking went the way of consumer electronics?

Similarly, co-founder and CTO of Oracle Larry Ellison, the fourth richest person in the world saw his net worth rise by $9.88 billion to $193 billion and investor and chairman of Berkshire Hathaway Warren Buffett, the ninth richest, gained $7.58 billion, with his net worth becoming $148 billion.

How did the US stock market perform after the elections?

The US stock market in general rose sharply after Trump became the 47th President of the United States.

The S&P 500 rose 2.53% to reach $5,929.04, the Dow Jones Industrial Average rose by 1,508.05 points or 3.57% to reach $43,729.93, the Nasdaq Composite was up 2.95% to reach $18,983.46, and the Russell 2000 Index surged 5.84% to reach $2,392.92.

Also Read: Donald Trump's Truth Social stock surges after posting narrowing losses on election night

ABOUT THE AUTHOR
Abhyjith K. Ashokan
Deeply passionate about writing, Abhyjith works as a business journalist covering corporates, markets, the economy, and policy - forces that in many ways, shape the world and pave the path for intriguing storytelling. For him, breaking news is a high that only gets matched by the adventures of the open road; both of which he deems essential to what matters at the end of the day. The story.Read More

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