Trump’s Victory Boosts Wealth of Crypto Billionaires
- The wealth of Coinbase CEO Brian Armstrong increased by $2.6 billion due to a rise in the exchange’s shares following Donald Trump’s election victory.
- MicroStrategy founder Michael Saylor gained $600 million, while Changpeng Zhao’s wealth grew by $12 billion.
- DOGE surged by 40%, and Elon Musk’s fortune rose by $20 billion.
- The top 10 billionaires globally saw their wealth increase by a total of $64 billion.
The fortune of Coinbase CEO Brian Armstrong rose by $2.6 billion, reaching $11 billion, following Donald Trump’s victory in the U.S. presidential election, according to Forbes.
This was driven by a sharp 31% increase in the exchange’s shares.
MicroStrategy founder Michael Saylor became $600 million richer, with his net worth rising to $6.6 billion following a 13% increase in the company’s shares.
The wealth of former Binance head Changpeng Zhao increased by $12 billion.
Overall, the U.S. stock market grew by $1.28 trillion, while the cryptocurrency market expanded by $200 billion.
JUST IN: ?? Over $1.28 trillion added to the US stock market today. pic.twitter.com/RmgzcSdDTk
— Watcher.Guru (@WatcherGuru) November 6, 2024
DOGE and Musk Benefit from Trump’s Victory
Dogecoin (DOGE) surged by over 40% amid the U.S. elections, before slightly correcting.
The meme coin is supported by billionaire Elon Musk, whose fortune also increased by $20 billion (to $285.6 billion) following Trump’s victory. The primary catalyst was a 15% rise in Tesla shares.
The entrepreneur supported the former and future president during the election campaign.
The whole squad pic.twitter.com/5yQVkFiney
— Kai Trump (@KaiTrumpGolfs) November 6, 2024
Trump promised to create a special commission on government efficiency led by Musk. The billionaire himself proposed this idea and agreed to head the agency’s work.
The essence of the work involves conducting a full financial audit, checking federal government metrics, and recommending “radical reforms.” He emphasized that these are necessary steps because “things cannot continue as they are.”
Political meme coins associated with Trump plummeted following his presidential victory.
Other Billionaires
The wealth of the world’s second-richest person, Jeff Bezos, increased by $7 billion (to $223.5 billion) due to a 3.8% rise in Amazon shares.
The capital of the ten richest people increased by $64 billion.
Experts have predicted further growth in Bitcoin following Trump’s victory.
In August, the Republican unveiled a plan aimed at strengthening the U.S.’s leadership in digital assets and making the country the “crypto capital of the world”.
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