Discover how a potential Trump presidency has ignited a wealth surge among America’s elite. From Elon Musk’s electric rally to Jeff Bezos’s Amazon empire, explore the factors driving these extraordinary gains. Uncover the impact of reduced subsidies, tariff policies, and industry trends on the fortunes of these tech titans.
By Navin Upadhyay
America’s billionaires are celebrating as Tesla CEO Elon Musk and other titans of industry see their fortunes rise sharply following Donald Trump’s return to the White House. Known for his business-friendly policies, Trump has become a catalyst for soaring net worths among major players across technology, energy, and finance.
Musk, who reportedly poured over $120 million into Trump’s presidential campaign, saw a stunning return on investment post-election. Tesla’s stock surged nearly 15% to $288.53, its highest this year, adding $21 billion to Musk’s fortune and bringing his net worth to a record-breaking $285.6 billion. The stock rally reflects investor confidence that Tesla will thrive under Trump’s administration, which may reduce clean energy subsidies and favor domestic over Chinese imports—a potential boon for Musk’s electric vehicle (EV) empire.
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Wedbush analyst Dan Ives has been quoted as saying in the USA media that , “Tesla has the scale and scope that is unmatched.” He pointed out that Musk could gain a competitive edge as Trump’s administration considers higher tariffs on Chinese goods, making cheaper foreign EVs less attractive in the U.S.
While Tesla stock surged nearly 15%, other EV makers struggled. Shanghai-based Nio fell by 5.3%, Rivian dropped 8.3%, and Lucid Group slid 5.3%, underscoring Tesla’s dominant U.S. market share of 48.9% as it heads into 2024.
Musk’s financial moves also extended beyond Tesla, as he pledged $1 million a day to encourage voters to back Trump’s policies, boosting his political influence and adding further potential leverage for his ventures.
Trump’s victory has sparked a ripple effect, benefiting other billionaires:
- Jeff Bezos: Amazon’s stock jumped 3.8% on Trump’s win, increasing Bezos’ wealth by $7 billion to $223.5 billion, securing his spot just behind Musk on the billionaire leaderboard.
- Larry Ellison: The Oracle co-founder’s fortune leapt by $12 billion, bringing him to $220.8 billion and closing in on Bezos.
- Brian Armstrong: The Coinbase CEO saw a remarkable $2.6 billion boost as the crypto platform’s stock surged by 31%, raising Armstrong’s net worth to $11 billion.
- Vlad Tenev & Baiju Bhatt: The Robinhood co-founders each added nearly $300 million to their fortunes as their stock soared by almost 20%.
- Michael Saylor: Founder of MicroStrategy, Saylor’s net worth swelled by $600 million with a 13% increase in company stock, one of its highest points this year.
Despite some recent turbulence for Tesla, including mixed investor reactions to its autonomous vehicle efforts, Musk’s and his peers’ gains signal a lucrative era under Trump’s administration. With policies poised to favor large-scale players and national manufacturing, billionaires across sectors are gearing up for a windfall
