The net worths of some of the world’s wealthiest people saw significant increases on Thursday, particularly those involved in cryptocurrency, following Donald Trump’s election victory. Elon Musk, a major financial supporter of Trump, experienced a $21 billion boost to his net worth, bringing it to $285.6 billion. Jeff Bezos also saw a $7 billion increase, reaching $223.5 billion, making him the second-wealthiest person in the world. Warren Buffett’s net worth spiked to $147.4 billion, up $7.6 billion, thanks to a rise in Berkshire Hathaway stock.
Brian Armstrong, CEO of Coinbase, saw a $2.6 billion increase in net worth, reaching $11 billion, as the cryptocurrency platform surged 31% to close at $254.31. Robinhood co-founders Vlad Tenev and Baiju Bhatt also saw their net worths climb together, with Bhatt’s reaching $1.9 billion and Tenev’s nearly $300 million at the end of trading Wednesday. Michael Saylor, founder of MicroStrategy, added nearly $600 million to his net worth, reaching $6.6 billion, as the company’s stock rose 13% to $257.81.
Mark Zuckerberg, co-founder of Meta, did not see a similar boost in net worth, as it dropped slightly to $197.9 billion. Bitcoin reached an all-time high above $76,000 in response to Trump’s election win. Investors believe Trump’s presidency will be positive for cryptocurrency, as he has positioned himself as a “crypto president” and has promised tax cuts to prominent CEOs. Trump aims to make the U.S. the “crypto capital of the planet,” a significant shift from his previous skepticism towards cryptocurrency.
Businesses and crypto-related stocks are reacting positively to the election results, with Trump’s promises of tax cuts and favorable regulations for cryptocurrencies. The surge in net worths for the world’s wealthiest individuals with ties to cryptocurrency reflects this optimism. As Trump prepares to take office, his stance on cryptocurrency and corporate tax cuts is expected to shape the financial landscape in the coming years. The significant gains experienced by individuals like Musk, Bezos, Buffett, Armstrong, Tenev, Bhatt, and Saylor highlight the impact of Trump’s victory on the financial markets.
