Donald Trump's victory in the 2024 presidential election led to a significant increase in wealth for some of the world's richest individuals, with Elon Musk and Binance founder Changpeng Zhao among the biggest beneficiaries.
Market Reaction to Trump's Victory
Following Donald Trump's victory over Kamala Harris in the US presidential election, the wealth of billionaires shifted dramatically. Elon Musk's net worth climbed from $264 billion to $290 billion, as Tesla shares rose by 20%.
Changpeng Zhao's Wealth Increase
For Changpeng Zhao, founder of the world's largest cryptocurrency exchange Binance, Trump's win increased his net worth by an estimated $12 billion overnight. Bloomberg's estimate of Zhao's wealth was $38 billion on election day, which rose to $52.7 billion the next morning, while Forbes put Zhao's net worth even higher at $60.6 billion.
Cryptocurrency Price Surge and Its Impact
Changpeng Zhao's rapid increase in net worth was driven by a surge in cryptocurrency prices following the election results. Bitcoin increased by 12% in a week, and the global crypto market cap rose by hundreds of billions of dollars. Analysts noted that since Binance's valuation is highly sensitive to the crypto market, the surge in crypto prices likely also boosted Binance's equity value, contributing to Zhao's overnight wealth increase.
Donald Trump's victory in the 2024 presidential election has had a significant impact on financial conditions of some of the world's top business figures, including Elon Musk and Changpeng Zhao, due to the increased market value of their key assets.
