In a significant boost to billionaire fortunes, Elon Musk’s net worth surged by $26.5 billion following the U.S. election victory of Republican candidate and former president Donald Trump. Musk, who is reportedly one of Trump’s largest backers, benefited from a post-election rally in his companies’ stock values.
According to the Bloomberg Billionaires Index, Musk’s wealth rose to $290 billion after shares of his electric vehicle and technology companies surged. Tesla shares, for instance, rose by 14.75%, increasing by $37.09 to close at $288.53 per share on Nasdaq. Over two days, Tesla’s stock jumped 18.81%, climbing from its November 4 close of $242.84 to $288.53 on November 6.
Billionaires Gaining Amid Trump Victory
Musk wasn’t the only billionaire whose fortunes rose. Amazon founder Jeff Bezos, the world’s second-richest person, saw his net worth increase by $7.14 billion, reaching $228 billion. Oracle co-founder and CTO Larry Ellison, ranked fourth globally, saw a $9.88 billion increase in wealth, bringing his net worth to $193 billion. Warren Buffett, chairman of Berkshire Hathaway and ninth richest on the list, gained $7.58 billion, raising his net worth to $148 billion.
Market Gains in Response to Election Results
Trump’s return to the presidency also fueled broader U.S. stock market gains. The S&P 500 rose 2.53%, reaching 5,929.04 points, while the Dow Jones Industrial Average surged by 3.57% or 1,508.05 points to close at 43,729.93. The Nasdaq Composite Index climbed by 2.95%, ending at 18,983.46, and the Russell 2000 Index rose sharply by 5.84%, closing at 2,392.92.
The market’s response reflects investor optimism regarding the potential economic policies and business-friendly stance expected under Trump’s administration. This post-election rally has provided a windfall for Musk and other top billionaires, underscoring the financial market’s sensitivity to political shifts in the U.S.
Sources By Agencies
