Topline
The net worths of many of the world’s wealthiest people skyrocketed Thursday, particularly those with strong ties to cryptocurrency, with stocks soaring following Donald Trump’s election win as the president-elect is expected to embrace cryptocurrency and corporate tax cuts during his upcoming term.
Key Facts
Elon Musk: The Tesla chief, who was one of Trump’s biggest financial backers in the lead-up to the election, experienced a nearly $21 billion jolt to his net worth Wednesday, bringing it to $285.6 billion as Tesla’s stock closed up nearly 15% on Wednesday at $288.53—its highest share price recorded this year.
Jeff Bezos: Bezos’ net worth is up $7 billion to $223.5 billion after a strong day of trading for Amazon shares (up 3.8%), maintaining his position as the world’s second-wealthiest person behind Musk.
Warren Buffett: The world-renowned investor’s net worth spiked $7.6 billion Wednesday, bringing it to $147.4 billion, with Berkshire Hathaway rising more than 5%.
Brian Armstrong: Armstrong, the CEO of crypto platform Coinbase, has an estimated $11 billion net worth after a $2.6 billion increase Wednesday, the result of a whopping 31% surge for Coinbase as it closed at $254.31 (the platform’s co-founder, Fred Ehrsam, became $600 million richer as markets closed).
Vlad Tenev & Baiju Bhatt: The Robinhood co-founders’ net worths climbed together, with Bhatt’s up $307 million to $1.9 billion and Tenev’s up nearly $300 million to $1.9 billion, as well (Robinhood shares surged almost 20% Wednesday).
Michael Saylor: Saylor, the founder of bitcoin strategy firm MicroStrategy, became nearly $600 million richer as his estimated net worth climbed to $6.6 billion while the company’s stock swelled 13% to $257.81—one of its highest points of the year.
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Contra
Meta co-founder Mark Zuckerberg did not join in on the rush, as he experienced a small drop in net worth to $197.9 billion and kept his place as the fourth-wealthiest person in the world behind Ellison. Meta shares ended the trading day at $572.05—down $0.38.
Tangent
Bitcoin reached an all-time high Wednesday, skyrocketing past the $76,000 mark in reaction to Trump’s electoral victory.
Key Background
Businesses and crypto-related stocks are likely reacting positively to the election results because Trump has positioned himself as a “crypto president” and promised tax cuts to prominent CEOs including Apple’s Tim Cook and JPMorgan’s Jamie Dimon. Cryptocurrency investors also believe his presidency will be favorable for crypto regulations, as Trump said this year he aims to make the U.S. the “crypto capital of the planet”—a full reversal from the doubts and criticisms he levied at cryptocurrency years ago.
From Goldman To Nvidia: All The Stock Market Records Set Wednesday (Forbes)
Here’s What Elon Musk May Do In A Trump Administration (Forbes)
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