In the aftermath of Donald Trump’s election win, the U.S. stock market experienced a surge, with the S&P 500 hitting a record high and both the Nasdaq and Dow Jones Industrial Average seeing significant gains. Elon Musk, the world’s richest person and CEO of Tesla and SpaceX, saw his net worth increase by $41 billion as Tesla shares rose nearly 30% in the past week, pushing the company’s market value over $1 trillion.
Bitcoin also experienced a surge in price, reaching $76,550, just shy of its all-time high, while shares of Coinbase Global and Robinhood also saw significant gains. Other tech giants such as Oracle, Amazon, and Meta also saw increases in their market value, with Larry Ellison’s net worth growing by nearly $24 billion as shares of Oracle rose by 11%.
Several companies reported strong quarterly earnings, leading to significant increases in their stock prices. AppLovin, a company that helps developers grow their apps, reported better-than-expected earnings, leading to a 77% increase in their stock price. Similarly, Doximity, a social network for doctors, and Dutch Bros, a coffee chain, also reported strong earnings, leading to increases in their stock prices. These successes led to significant gains for the CEOs and founders of these companies.
Elon Musk’s support for Trump, including donations to a super PAC supporting him and his plans to cut $2 trillion from the U.S. budget as an advisor, led to optimism for Tesla’s future under a Trump administration. Larry Ellison’s Oracle also benefited from the election results, with shares rising by 11%. Additionally, the founders of Coinbase Global and Robinhood also saw substantial gains as a result of a pro-crypto sentiment in the market.
Overall, it was a successful week for many billionaires, with significant gains seen in their net worths. From Elon Musk’s increase of $41 billion to Larry Ellison’s increase of $24 billion, many billionaires saw their fortunes rise as the stock market reacted positively to the election results and strong quarterly earnings reports. The success of companies like AppLovin, Doximity, and Dutch Bros also contributed to the wealth of their CEOs and founders, highlighting the importance of strong earnings in driving stock prices and billionaire fortunes.
