Investor's Crypto DailyInvestor's Crypto Daily
Font ResizerAa
  • Home
  • Headlines
    • Financial Market News
    • Cryptocurrency News
    • Press Releases
    • My Bookmarks
  • Spotlight Stories
  • Crypto Stock Plays
    • Crypto ETFs, Trusts & Investment Funds
    • Crypto Adjacent Stocks
    • Crypto Futures (Settled in USD)
  • Step Into Crypto
    • Common Crypto Terms
    • Crypto Rules & Regulations
  • Economy
    • Economic News
    • Economic Calendar
  • Join Us
Reading: Musk gains $70 billion from Trump’s victory as Tesla stocks surge
Share
Font ResizerAa
Investor's Crypto DailyInvestor's Crypto Daily
  • Home
  • Headlines
  • Spotlight Stories
  • Crypto Stock Plays
  • Step Into Crypto
  • Economy
  • Join Us
Search
  • Home
  • Headlines
    • Financial Market News
    • Cryptocurrency News
    • Press Releases
    • My Bookmarks
  • Spotlight Stories
  • Crypto Stock Plays
    • Crypto ETFs, Trusts & Investment Funds
    • Crypto Adjacent Stocks
    • Crypto Futures (Settled in USD)
  • Step Into Crypto
    • Common Crypto Terms
    • Crypto Rules & Regulations
  • Economy
    • Economic News
    • Economic Calendar
  • Join Us
Follow US
  • Advertise
© 2024 Investor's Crypto Daily. All Rights Reserved.
Investor's Crypto Daily > Blog > Headlines > Economy > Economic News > Musk gains $70 billion from Trump’s victory as Tesla stocks surge
Economic News

Musk gains $70 billion from Trump’s victory as Tesla stocks surge

Last updated: November 12, 2024 8:22 am
By Michelle Whelan 4 Min Read
Share
SHARE

Elon Musk’s investment in Donald Trump’s presidential campaign has yielded an impressive return.

Contents
Musk’s approach of all-in support for TrumpMusk’s influence over the Trump Administration: From Mar-a-Lago To The White HouseAre we about to see a regulatory relief? Musk’s businesses are poised to gainOther tech billionaires also benefitted from Trump’s victory

Musk’s wealth has soared by $70 billion since Trump’s election, mostly due to the dramatic rise in Tesla stock prices.

Tesla stock prices soared 39% in the four days after the elections, pushing the market cap of the company well over $1 trillion.

Musk’s fortune has been significantly increased by this remarkable performance, which is closely tied to the Tesla shares he owns.

Musk’s approach of all-in support for Trump

Elon Musk’s support for Trump goes beyond financial aid.

He actively participated in rallies and gave away $1 million to voters who signed his America PAC petition.

The billionaire used his platform on social media, X (formerly Twitter), as a way to promote Trump’s campaign and disseminate news about Trump and his opponents.

Musk’s influence over the Trump Administration: From Mar-a-Lago To The White House

Musk’s influence seems to go beyond his campaign.

NBC News reports that he was involved in a telephone call between Trump, and the Ukrainian president Volodymyr Zelenskyy. Meanwhile, The New York Times (and ABC) report that the X boss had been in discussion regarding the staffing decision for the new Administration.

Trump has been a regular visitor to his Mar-a-Lago Resort.

Brendan Carr is a Musk ally and a possible nominee to the Federal Communications Commission.

Are we about to see a regulatory relief? Musk’s businesses are poised to gain

Musk is a long-time advocate of reduced regulation, aiming at removing obstacles to his many business ventures including Tesla, X SpaceX, xAI Neuralink and The Boring Company.

Numerous federal investigations and lawsuits are currently being conducted against these companies, including allegations of securities laws violations, workplace issues, environmental violations and consumer fraud.

Musk believes that a Trump administration will create a regulatory climate more favorable due to the significant influence of the executive branch over regulatory agencies.

Gene Munster, a Tesla bull who has been with Deepwater Asset Management for a while, said on CNBC that Trump “has the gold touch and the ear.” Munster also added that SpaceX, xAI, and other companies are likely to gain from a Trump presidency.

The conclusion was made by the speaker.

It’s difficult to see how Elon could be negatively affected by this.

Other tech billionaires also benefitted from Trump’s victory

Not only Larry Ellison and Musk, the Oracle founder, the second richest person in the world, have seen their fortunes increase after the election. Ellison, who is a friend and longtime Republican contributor of Musk, saw his net worth rise by $20 billion as a result of Oracle’s stock price surge.

Coinbase’s CEO Brian Armstrong also increased his net worth by approximately $4.5 billion since Trump won the election. Coinbase share prices have risen 67% in that time.

This cryptocurrency exchange supported crypto candidates through Fairshake PAC. It also helped to create a more favorable regulatory climate for the industry.

Tesla’s finances have been further boosted by the rally of cryptocurrencies. Bitcoin has reached a new record-high price, surpassing $88,000.

The positive developments for Musk’s empire paint a picture of a Trump-led presidency.

The following post Trump’s win increases Musk’s wealth by $70 Billion as Tesla Stock Surges may be updated as new developments unfold.

Click here to read more

You May Also Like:

  • NFTs can boom again
  • Martha Stewart's Net Worth: An Overview of Her…
  • The Guide to Initial Coin Offerings

You Might Also Like

Long Gold: Breakout above consolidation signals bullish movement amid geopolitical risk and Fed rate expectations

Can the US default this year on its debt?

The Madman Theory: Trump’s unpredictability in his political strategy

Trump signals flexibility but remains firm in his trade policy despite Trump’s recent stand on reciprocal Tariffs

Today’s crypto prices: TRUMP, MemeFi and BTC hold above $90k

Share This Article
Facebook Twitter Email Copy Link Print
Previous Article In the face of political and macro shifts, Institutions are investing nearly $2,000,000,000 in crypto products: CoinShares
Next Article Is $150,000 a lot of money? Many high earners live paycheck to paycheck
Leave a comment

Click here to cancel reply.

Please Login to Comment.

Stay Connected

TwitterFollow
- Partnered Content -
Ad image

Latest News

Charter and Cox merge to create mega-deal to compete with streaming giants
Financial Market News
Is Bitcoin Earning Real Yield Now? Solv Protocol’s New RWA Token Says Yes
Cryptocurrency News
Billion-Dollar Bank Warns 7,537 Customers After Data Breach Triggers Unauthorized Account Access
Cryptocurrency News
Why did Cox Communications finally agree to the buyout, after many years of opposition?
Financial Market News
//

We support the traditional finance investor’s journey into the cryptocurrency space, using education and traditional terms. Get involved in crypto directly or through adjacent stocks and funds. Time to get off the sidelines.

– Sponsored Spotlight –

Get Around

  • Home
  • Headline News
  • Spotlight Stories
    New
  • Economy
  • Step Into Crypto

Get Involved

  • Advertise With Us
  • Join Us
    Hot
  • My Bookmarks
  • Privacy Policy & Legal Disclaimer
  • Contact US
2024 Investor's Crypto Daily | InvestorsCryptoDaily.com | Privacy
Welcome Back!

Sign in to your account

Lost your password?