Following Donald Trump’s victory in the recent US presidential election, top billionaires have witnessed a significant boost in their net worth. Among the beneficiaries are prominent figures such as Elon Musk, Amazon’s Jeff Bezos, Oracle’s Larry Ellison, and Berkshire Hathaway’s Warren Buffett, who have each seen substantial financial gains as market confidence surged post-election.
How Much Did Musk Contribute To Trump’s Campaign?
Elon Musk, the world’s wealthiest individual and a major Trump supporter, reportedly contributed around $119 million to Trump’s campaign and voiced his support frequently on social media platform X (formerly Twitter). His support and the subsequent election outcome spurred a remarkable $26.5 billion rise in Musk’s net worth, now totalling approximately $290 billion, according to the Bloomberg Billionaires Index. The boost is attributed to a strong rally in Tesla’s stock, which jumped 14.75 per cent following the election results, closing at $288.53 on November 6.
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What About Other Billionaires?
Other billionaires also experienced notable gains. Amazon founder Jeff Bezos saw his net worth climb by $7.14 billion to $228 billion. Oracle co-founder Larry Ellison’s fortune increased by $9.88 billion, reaching $193 billion, while Warren Buffett’s wealth grew by $7.58 billion, now standing at $148 billion.
The broader US stock market surged as well, with major indices showing substantial gains. The S&P 500 rose 2.53 per cent to close at $5,929.04, the Dow Jones Industrial Average added 1,508.05 points or 3.57 per cent, ending at $43,729.93, while the Nasdaq Composite grew by 2.95 per cent to $18,983.46. The Russell 2000 Index, a key indicator for small-cap stocks, rose 5.84 per cent, closing at $2,392.92.
Trump delivered his victory speech in West Palm Beach, Florida, where he expressed gratitude to his campaign team and supporters. He singled out Musk for his contributions, calling him a “super genius” and a crucial ally in his campaign. Trump praised Musk’s efforts, particularly his campaign efforts in Pennsylvania, and celebrated his achievements in both business and technology, to cheers from the crowd.
