Elon Musk and Jeff Bezos see fortunes skyrocket as Trump’s win boosts billionaire wealth

In a dramatic post-election surge, the wealth of several top billionaires skyrocketed after Donald Trump’s recent election victory, with the market reacting favorably to his promises of corporate tax cuts and a pro-crypto stance. 

Elon Musk led the surge, adding nearly $21 billion to his net worth, pushing his wealth to an astonishing $285.6 billion, fueled by a 15% rise in Tesla’s stock on Wednesday. "Musk is one of Trump's most wealthy backers," reflecting his recent support of Trump’s policies.

Other billionaires also saw significant gains. Jeff Bezos, founder of Amazon, witnessed a $7 billion increase, bringing his net worth to $223.5 billion, securing his place as the world’s second-richest person behind Musk. 

Oracle co-founder Larry Ellison’s wealth climbed by $12 billion, hitting $220.8 billion, placing him close behind Bezos in the billionaire rankings.

The crypto sector also experienced a major boost, with Coinbase CEO Brian Armstrong’s net worth increasing by $2.6 billion as Coinbase shares surged 31%. 

Robinhood co-founders Vlad Tenev and Baiju Bhatt saw their fortunes grow nearly $300 million each, with Robinhood stock up almost 20%.

Trump’s pro-crypto approach, marking him as a “crypto president,” has inspired confidence among investors. Trump aims to position the U.S. as the “crypto capital of the planet,” which has energized the market after years of regulatory uncertainty. 

The stock market's response to Trump’s election win set a historic precedent, as the Dow Jones Industrial Average rose 3.6%—its largest post-election gain since 1896. Meanwhile, the S&P 500 rose by 2.5%, and the Nasdaq Composite by 3%, all hitting record highs.

While many billionaires benefited, some didn’t fare as well. Meta’s Mark Zuckerberg experienced a slight dip in wealth, with his net worth declining to $197.9 billion as Meta’s shares fell slightly. 

The billionaires’ wealth surge signals confidence in Trump's planned economic policies, particularly his support for cryptocurrency and tax cuts, which have the potential to reshape the U.S. financial landscape. 

Musk, a prominent backer of Trump’s campaign, appears to have made back much of his campaign investments overnight, reflecting the early optimism surrounding Trump’s return to office.