Key Points
- Elon Musk and Changpeng Zhao saw huge net worth surges following Trump’s win in the US elections.
- Tesla shares spiked significantly, while Binance’s equity value surged as BTC reached a new ATH.
Following Donald Trump’s win in the US elections, the crypto market saw a notable boom, sending Bitcoin to a new ATH, while all digital assets recorded price surges. Also, important names among wealthy individuals saw their fortune grow following the election results.
These names include Elon Musk and Binance’s CZ, as mentioned in a recent article by Protos crypto news platform and a recent Bloomberg article.
Below, we’ll dive into the real facts regarding these spikes in wealth and what may have actually triggered them.
Elon Musk’s Wealth Surged by $26 Billion in 24 Hours Following US Elections
A recent article by Protos highlights that while Donald Trump was celebrating his victory after defeating Kamala Harris in the U.S. presidential race, some of the world’s richest men were celebrating their own financial victories.
The publication mentioned that Elon Musk saw his net worth popping from $264 billion to $290 billion, within 24 hours of Trump’s victory.
Tesla shares have also surged significantly since Trump defeated Harris.
At the moment of writing this article, Tesla shares are listed at almost $297. On November 6, when the world learned that Trump had won the elections, Tesla shares’ price surged by around $254 to over $289. Their price continued an ascendant trajectory since, reaching today’s levels.
Before the US election results, Tesla shares were trading around $244-$254 levels.
It’s understandable that their price surged following the results, as Trump clearly made a promise to hire Musk as the leader of the Department of Government Efficiency (DOGE) in the US when he becomes President.
Musk was also an enormous supporter of Trump during his entire 2024 campaign, even attending rallies alongside him.
Today, the tech mogul is listed by Forbes as the top billionaire with a net worth of over $290 billion, with money coming from Tesla and Space X as well.
Clearly, his net worth went up also due to political reasons, as he’s directly linked to Trump as one of his main supporters.
Oracle Corporation founder, Larry Ellison occupies the second spot with over $226 billion.
Jeff Bezos is listed on the third spot, followed by Mark Zuckerberg on the 4th.
Protos publication also mentions CZ, Binance’s founder who reportedly saw a spike in his net worth following the US elections.
CZ’s Wealth Grew by $12 Billion Overnight Folowing Trump’s Victory – But Why?
CZ saw his wealth grow by $12 billion from the US election day until the next morning, Protos notes. They quoted data from Bloomberg which noted that on November 5, CZ’s wealth was listed at $38 billion and today, it estimates him at $52.7 billion.
However, Forbes listed CZ as having a net worth of $60.9 billion today, taking the 25th position in their top billionaires list.
CZ’s wealth reportedly comes mainly from his 90% equity in Binance, and CZ also owns BTC and BNB personally, notes Protos. They wrote that Binance has over 150 million registered users, which might have been true, but in August 2023, as also highlighted by Bloomberg.
Today, the largest crypto exchange in the world has almost 239 million registered users, according to official data from their platform.
The amount of BNB and BTC that CZ owns is unknown, but considering the recent market rally, if he still holds crypto, his net worth has definitely gone up as BTC hit one new ATH after the other during the past few days, and the entire crypto market rallied.
Unlike Musk, whose net worth went up due to the elections as well, as he’s directly linked with the new US President who will take office in 2025, CZ’s net worth surged due to his crypto investments and Binance shares which he still owns, as highlighted by him in a recent interview with Bloomberg.
Regarding the US elections, during the latest Binance Blockchain Week in Dubai, CZ was asked who he prefers between the two US candidates – he said he preferred not to answer the question, considering his recent troubles with the US.
