Elon Musk no longer hides his support for Donald Trump. Between appearances at meetings and generous donations estimated at $120 million, the Tesla boss bet big on the election of the former American president. Result ? In just a few hours after his protégé's victory, his fortune soared, recovering much more than his initial stakes. But beyond its enrichment, this election is reshaping the economic prospects of the United States, particularly for the cryptosphere.
Elon Musk's incredible leap in fortune
Elon Musk saw his fortune skyrocket after Trump's election. The boss of Tesla, having unwaveringly supported Trumpreaps the fruits of his investment, his wealth increasing by almost $20 billion in one day.
On November 6, Tesla stock closes with an impressive increase of 15%reaching a peak not seen since 2022. This spectacular increase places his total wealth at around $285.6 billion.
A dazzling financial growth which shows that Musk has everything to gain from a pro-business and pro-crypto presidency like that of Trump.
Among the other billionaires who saw their fortunes swell that day:
- Jeff Bezos: Up $7 billion with Amazon stock hitting a high of $207;
- Michael Saylor: 600 million more thanks to a 13% increase in MicroStrategy shares;
- Brian Armstrong: The boss of Coinbase sees his fortune increase by 2.6 billion with a 31% increase in his company.
Musk's support for Trump goes well beyond simple political sympathies: his bet for pro-crypto leadership could strengthen its position, particularly against other technological giants. Musk has also welcomed this victory overdescribing this new mandate as “ mandate for change “.
A transformation which should be accompanied by tax relief and a more flexible regulatory climate, which has not failed to reassure Wall Street and crypto investors.
Elections in the USA: A boost for the cryptosphere?
The results of the US presidential election could mark a turning point for the crypto community. Trump, now known as the “Bitcoin President”promised to make the United States the digital asset capital of the world.
He also plans to cut corporate taxes, a move that appeals to tech giants, including players in the crypto sector.
For Elon Musk and other investors, this dynamic opens up new economic perspectives in the field of decentralized technologies and digital finance.
In support of this vision, digital currencies like Dogecoin (DOGE), often promoted by Musk, jumped 40% after the electionhitting the jackpot and reaching their highest level since April. However, some Trump-based “memecoins” did not have the same success, even falling by more than 50% after the election.
Regardless, the overall momentum favors crypto investors, with increases recorded for trading and digital asset management companies.
Brian Armstrong from Coinbase thus benefited from this dynamic, seeing shas net worth reach $11 billion thanks to the rise of its platform’s actions.
Ultimately, Trump's victory could transform the United States into a new economic hub for blockchain and cryptocurrencies, providing fertile ground for tech giants. Because America under Biden seemed destined for imminent economic collapse. Fortunately, the reins are slipping away from the Democrats, and a pro-Bitcoin president is back in charge!
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