Crypto billionaires increased their wealth after Donald Trump’s victory

According to Forbes journalists, after Donald Trump won the US presidential election, there was a sharp jump in the stock and cryptocurrency markets, which significantly increased the wealth of a number of famous billionaires.

For example, Coinbase CEO Brian Armstrong increased his wealth by $ 2.6 billion, bringing his total capital to $ 11 billion. This was made possible by a 31% increase in the stock of the exchange.

At the same time, MicroStrategy founder Сейлор" href="https://noworries.news/biography/majkl-dzh-sejlor/" data-bio-id="3672">Michael Saylor also experienced a significant increase in his assets, and his wealth grew by $ 600 million to $ 6.6 billion, after the company’s shares rose by 13%.The former head of Binance Чанпен Чжао" href="https://noworries.news/biography/chanpen-chzhao/" data-bio-id="3681">, Changpeng Zhao, added $ 12 billion to his fortune.

In general, the US stock market gained $ 1.28 trillion, and the cryptocurrency market grew by $ 200 billion.

The value of Dogecoin (DOGE) rose by more than 40% in response to the election, after which it underwent a minor correction. This meme-coin received support from billionaire Elon Musk, whose fortune also increased by $ 20 billion to $ 285.6 billion, thanks to the 15% rise in Tesla shares.Trump said he would create a special commission to improve government efficiency under Musk’s leadership. The billionaire himself proposed this initiative and agreed to head this body.

The main goal of the commission will be to conduct a financial audit, check the performance of the federal government and provide recommendations for «radical reforms.» Musk emphasized that these steps are necessary because «it can’t go on like this.»

Also, political meme-cines related to Trump collapsed after his election victory.

The wealth of the world’s second richest businessman, Jeff Bezos, increased by $ 7 billion, reaching $ 223.5 billion, due to the growth of Amazon shares by 3.8%. Overall, the wealth of the ten richest people increased by $ 64 billion.As a reminder, after Donald Trump won the presidential election, the price of the Solana cryptocurrency rose to $ 200 for the first time since April 2024.

Also, on November 7, the US Federal Reserve decided to cut the interest rate by 0.25%, which led to a rapid growth of bitcoin.