Elon Musk’s Fortune Soars Post-Trump Election, While Other Billionaires See Losses
Donald Trump’s election win has had a significant impact on the financial landscape, particularly for some of the wealthiest individuals in the world. Among the most notable beneficiaries is Elon Musk, the CEO of Tesla, whose net worth has skyrocketed since the outcome of the 2024 election. In contrast, several other billionaires have seen their wealth decline in the same period. Here’s a closer look at the shifting fortunes in the aftermath of Trump’s victory.
Elon Musk’s Net Worth Takes a Huge Leap
Since Trump’s win, Elon Musk’s wealth has seen a remarkable surge, cementing his place as the richest person on the planet. In the three weeks following the election results, Musk’s fortune increased by an eye-popping $70 billion. As of the latest reports, his net worth reached a staggering $334 billion, having peaked at $348 billion in the previous week. A large portion of Musk’s wealth is tied to Tesla’s stock, which has gained 32% since election day. His success has further solidified his status as a key player in both the tech and automotive sectors.
Musk’s New Role in the Government
In addition to his financial gains, Musk has also taken on a new role in the incoming administration, appointed as the head of the newly created Department of Government Efficiency (DOGE). The department’s name is a playful nod to Dogecoin, the cryptocurrency Musk has championed over the years. This role signals Musk’s growing influence in both the business world and political spheres, further amplifying his public profile. His ability to leverage his wealth and influence highlights the intersection between Silicon Valley and government, setting a precedent for future business leaders in political offices.
Mark Zuckerberg Faces a Financial Dip
While Musk enjoys a financial windfall, others are not faring as well. Mark Zuckerberg, the co-founder of Meta Platforms, has seen his wealth decline since the election. Despite being the third richest person in the world, Zuckerberg’s net worth has dropped by $1 billion, from $203 billion on election day to $202 billion. The decline can be attributed to a slight decrease in Meta’s stock price, which has fallen by 0.6% since November 5th. Zuckerberg’s financial position remains strong, but the dip highlights the volatility of tech stocks, especially for social media giants like Facebook.
Nvidia’s CEO Suffers Losses Amid Market Volatility
Jensen Huang, the CEO of Nvidia, has also faced a decline in his wealth following the election. Nvidia’s stock has dropped 7% since the company reported earnings on November 20, leading to a loss of $4 billion in Huang’s net worth. Additionally, the uncertainty surrounding Trump’s tariff policies toward China has added further pressure on Huang’s wealth. As of Thanksgiving, Huang’s fortune stood at $118 billion, down from $122 billion just weeks earlier. Despite Nvidia’s strong performance in the AI chip market, these external factors have contributed to the CEO’s financial losses.
Google’s Larry Page Remains Steady, Despite Challenges
Larry Page, the co-founder of Google, has seen a relatively stable net worth since the election, holding steady at $153 billion. However, this stability masks a brief surge in wealth that occurred shortly after Trump’s victory. Page’s wealth reached $163 billion a week after the election, driven by gains in Alphabet’s stock. Yet, in the weeks since, Alphabet’s shares have fallen, largely due to concerns raised by the U.S. Justice Department. The department’s move to push for the sale of Google’s Chrome web browser has led to market uncertainty, causing Alphabet’s stock to slump. As a result, Page’s fortune has returned to pre-election levels.
The Impact of Election Results on Tech Giants
The financial gains and losses of these tech moguls underscore the volatility and interconnectedness of the tech industry and political developments. For Musk, the post-election period has been marked by significant financial growth, benefiting from both Tesla’s strong stock performance and his increasing political clout. Conversely, other billionaires like Zuckerberg, Huang, and Page have faced challenges that highlight the unpredictable nature of tech markets, as well as the influence of government policies and regulatory scrutiny.
As the political and economic landscape continues to evolve, the fortunes of these tech leaders may shift once again. However, one thing is certain: the outcome of the 2024 election has had a profound impact on the wealth of some of the world’s most influential figures. Musk’s rise, in particular, serves as a reminder of the deep connection between politics, technology, and wealth in today’s world.