Tesla and Space X CEO Elon Musk saw his fortune surge 11.6% to $ billion after Republican presidential candidate Donald Trump won the US elections amid a broader rally for risk-on assets that saw the value of his companies surge.
According to data from the Bloomberg Billionaire’s Index, Musk’s net worth exploded upward after the US election results revealed that Trump was set to become the country’s 47th president, adding in $26.5 billion in a single day.
The Index shows that Musk’s net worth was standing at $264 billion ahead of the US election, and jumped to $290 billion after the results came in. Year-to-date, Musk’s fortune added $61.3 billion after growing by 26.8%.
Musk’s net worth exploded amid a wider market rally that saw the S&P 500 index rise 2.5% in a day and helped the flagship cryptocurrency Bitcoin hit a new all-time high above the $76,000 mark.
Tesla, the electric car company Musk owns about 13% of as well as 304 million exercisable stock options, surged around 14.75% to hit $288.5 in after-hours trading. On top of his Tesla stake, Musk owns about 42% of SpaceX, a closely held space exploration company, and about 79% of X Corp, formerly known as Twitter.
Musk also has stakes in startups including Neralink, xAI, and The Boring Company. According to a Forbes report, Musk wasn’t the only billionaire that saw his net worth surge, as Amazon founder Jeff Bazos also saw a $7 billion gain to $223.5 billion.
In the cryptocurrency space, Coinbase CEO Brian Armstrong saw an estimated $2.6 billion rise in his net worth, after the exchange’s shares surged more than 31% amid the wider market rise. Armstrong’s net worth is now estimated to be around $11 billion.
Featured image via Unsplash.
