The post Elon Musk’s Wealth Soars as Donald Trump Wins US President Elections appeared on BitcoinEthereumNews.com.

Donald Trump is all set to become the next US President and this has triggered upticks in the value of cryptocurrencies like Bitcoin and Ethereum, and US stocks. It has simultaneously served well to billionaires like Elon Musk whose wealth has surged significantly, as he gained approximately $20.9 billion especially on Wednesday. Others on the list are Jeff Bezos and Warren Buffett, however, there is a tremendous focus on Musk because he was one of the most active campaigners for Trump in the US Presidential 2024 elections. Elon Musk, the Chief Executive Officer of Tesla, saw a daily rise of 7.89% in his wealth despite donating huge amounts to Presidential campaigns. He now has a net worth of $285.6 billion with a daily wealth gain of approximately $20.9 billion. This has solidified his position at the top of the list of billionaires. What comes as a surprise is a surge in the stock value of Tesla. Several EVs reported a dip in their values because Donald Trump comes with a probability of rolling back rebates and tax incentives that were introduced during the Biden administration. Trump is more likely to expand mining activities across the US which, in his opinion, will help curb price rise. But for Tesla, the stock is currently up by 14.75%, listed at $288.53. TSLA and Elon Musk are assumed to gain a lot with Trump assuming Presidential office from January 2025. CFRA Research senior analyst Garrett Nelson said, in a note this Wednesday, that TSLA and Musk were the ‘biggest gainers from the election results’. Elon Musk has not publicly addressed this aspect but continues to be vocal in his support for Trump. He is confident that the second term of Trump will be effective considering they have attained a majority in the Senate and…

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Filed under: News - @ November 7, 2024 8:18 am