Elon Musk’s Billion-Dollar Profit Following Support for Trump
The assets of the 10 wealthiest individuals in the world, most of whom are U.S. tech billionaires, have increased unprecedentedly following Donald Trump’s victory in the presidential election.
Bloomberg estimated in a report that the world’s 10 richest people gained nearly $64 billion, about £495 billion, on Wednesday, November 6, marking the largest single-day increase since 2012.
Elon Musk, the world’s richest person, recorded the largest asset increase with a $265 billion rise, bringing his wealth to $290 billion. As a prominent supporter of Trump’s campaign, most of this increase came from the rising stock prices of Tesla, the electric car company he leads and in which he holds a 13% stake.
These increases occurred as tech business leaders, including Jeff Bezos of Amazon, Mark Zuckerberg, CEO of Facebook’s parent company Meta, and Tim Cook of Apple, publicly congratulated Trump on his election victory.