U.S. stock markets experienced a surge in the wake of Donald Trump’s re-election win, with the S&P 500 hitting over 6,000 for the first time ever on Friday. The Nasdaq and Dow Jones also saw significant increases in value. This surge in the market was driven by a combination of election enthusiasm and strong quarterly earnings reports from various companies.
Elon Musk, the world’s richest person and CEO of Tesla and SpaceX, saw his fortune grow significantly over the past week. Tesla shares rose nearly 30%, pushing the company’s market value over $1 trillion and adding $41 billion to Musk’s net worth. Other billionaires, such as Larry Ellison, Jeff Bezos, and Mark Zuckerberg, also saw major increases in their wealth as their companies’ stock prices rose.
The price of Bitcoin also saw a significant increase, trading at $76,550, just below its all-time high. This rise in Bitcoin’s price benefited companies like Coinbase Global and Robinhood, which saw their shares skyrocket as well. Founders of these companies, such as Brian Armstrong, Fred Ehrsam, Vlad Tenev, and Baiju Bhatt, saw substantial gains in their net worths.
Several tech companies reported strong quarterly earnings, leading to significant increases in their stock prices. Companies like AppLovin and Doximity saw their shares jump by as much as 77% and 38%, respectively. This resulted in substantial gains for CEOs and cofounders like Adam Foroughi and Jeff Tangney.
In addition to tech companies, companies outside the tech industry also saw gains in their stock prices. Dutch Bros, a coffee chain based in Oregon, saw a 41% increase in its shares after announcing higher revenue expectations for the year. CEO Travis Boersma’s net worth also received a $900 million boost as a result.
Overall, the past week was a profitable one for many billionaires, as their fortunes increased significantly due to the rise in stock prices and strong earnings reports. Elon Musk, Larry Ellison, and other tech industry leaders were among those who saw the most substantial gains in their net worths. The surge in the market was driven by a combination of factors, including the presidential election results and strong quarterly earnings from various companies across different industries.
