Elon Musk, Changpeng Zhao, Coinbase’s Brian Armstrong Add Billions to Net Worth Post-Trump Win

Crypto Reporter

Shalini Nagarajan

Crypto Reporter

Shalini Nagarajan

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Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

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Last updated:

November 7, 2024 14:14 EST

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After Donald Trump’s presidential election victory on Nov. 6, 2024, numerous billionaires, especially those in the tech and finance sectors like Elon Musk, saw a substantial increase in their net worth.

This boost came as the S&P 500 rose 2.5%, and the Nasdaq jumped 2.9% Wednesday, showing strong gains right after the election.

The Bloomberg Billionaires Index showed Musk’s wealth alone surged over $26b, driven by a strong rise in Tesla’s stock. This boost came from the market’s positive reaction to Trump’s anticipated policies, like corporate tax cuts and a pro-crypto stance.

Musk, who contributed about $119m to Trump’s campaign, benefited from this renewed investor confidence.

Trump, during his campaign, hinted that he intends to offer Musk an official role in his administration if re-elected. Talks about Musk’s potential role centered on creating a position focused on enhancing government efficiency and reducing costs. Musk has jokingly referred to this position as leading the “Department of Government Efficiency” (DOGE).

In Addition to Musk, CZ and Brian Armstrong’s Net Worth Jumps

Meanwhile, Binance founder Changpeng Zhao’s wealth rose by $12.1b on Wednesday, bringing his net worth to $52.7b. His fortune is tied to the crypto market, especially the value of Bitcoin and Binance Coin (BNB). A surge in their prices boosted his assets. Notably, Bitcoin hit a new high, surpassing $76,000 after Trump’s win.

Coinbase CEO Brian Armstrong’s net worth increased by $2.5 billion, reaching $11 billion. This jump came mainly from the 31% rise in Coinbase stock after the election, which directly boosted his wealth due to his significant ownership in the company.

Analyst Foresees Bitcoin Spike, Higher Inflation Risk With Trump Win

Ryan Lee from Bitget Research noted that Trump’s re-election could drive sidelined funds back into the market out of fear, potentially pushing Bitcoin to new highs. “The market is currently in a consensus phase of going long,” he said.

He also predicts that, in the medium to long term, Trump’s policies may benefit Bitcoin but could trigger higher inflation in the US, with interest rates possibly staying above 3.5%. Moreover, with Republicans controlling Congress, positive changes in crypto regulation could follow, ultimately benefiting the industry, he said.