The aftermath of Donald Trump’s presidential victory has seen a sharp rise in fortunes for American billionaires, particularly Tesla CEO Elon Musk.
As Trump clinched his victory, Wall Street experienced a robust upswing, propelling Musk’s net worth by $26.5 billion, reaching an astounding $290 billion.
This surge followed a remarkable 14.75% jump in Tesla shares on Wednesday.
The stock market’s rally also bolstered the wealth of other American billionaires, with significant gains reported for Jeff Bezos, Larry Ellison, Warren Buffett, and more.
Analysts suggest that if this market momentum continues, Musk could soon join the exclusive $300 billion club.
Tesla shares soar 14.75%, adding $26.5 billion to Musk’s wealth
The election victory catalysed a wave of optimism across Wall Street, with Tesla shares leading the charge.
On Wednesday, Tesla’s 14.75% surge drove Musk’s wealth to a near-record $290 billion.
Musk’s fortune, now up $26.5 billion in just one day, highlights the staggering influence of market performance on tech mogul wealth.
With stocks in a strong bullish trend, analysts forecast that Musk could see further increases, potentially pushing his net worth to $300 billion.
The markets responded enthusiastically to Trump’s win, with the Dow Jones Industrial Average soaring by 1,508 points, marking a 3.57% increase to reach an unprecedented 43,729.
The S&P 500 and Nasdaq also posted robust gains, up by 2.53% and 2.95%, respectively.
This market boom has injected billions into the wealth of top American billionaires, with the tech sector particularly benefitting from investor confidence.
Bloomberg Billionaire Index
According to the Bloomberg Billionaire Index, Musk saw the largest single-day gain, while Oracle founder Larry Ellison increased his wealth by $9.88 billion.
Berkshire Hathaway’s Warren Buffett saw a $7.58 billion jump, with Alphabet’s Larry Page and Sergey Brin not far behind, recording increases of $5.53 billion and $5.17 billion, respectively.
Nvidia’s Jensen Huang, Dell’s Michael Dell, Microsoft’s Bill Gates, and former CEO Steve Ballmer also experienced notable increases.
Trump’s victory praised by Musk and other billionaires
Trump’s election triumph has garnered support from prominent billionaires, including Musk, who joined Trump’s campaign rallies.
Trump lauded Musk’s contributions, dubbing him “a new rockstar” and applauding his technological achievements.
With his fortune rising in tandem with Tesla’s market success, Musk’s stance highlights his alignment with pro-business policies, which appear to resonate with investor sentiment.
Beyond the tech sector, other American billionaires reaped substantial gains as stocks rallied.
Jeff Bezos, Jensen Huang, and Steve Ballmer added billions to their wealth, fuelled by heightened confidence in the business-friendly environment anticipated under Trump’s leadership.
The wealth surge underscores the interconnectedness of political shifts and economic optimism, with billionaires across industries seeing immediate benefits from the election outcome.
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