Shares of Tesla (Elon Musk) soared after Donald Trump's victory in the US presidential election, as did the shares of several other companies.
Article by Kerry A. Dolan for Forbes US – translated by Flora Lucas
Last week was full of twists and turns for American corporate stocks. Markets surged after Donald Trump's victory in the presidential election and the S&P 500 briefly exceeded the 6,000 mark on Friday, November 8, for the first time in its history. The Nasdaq index rose 5.7% and the Dow Jones Industrial Average rose almost as much.
No billionaire saw his fortune increase more than Elon Musk, the world's richest person, CEO of Tesla and SpaceX and principal owner of social media company % over the past week, pushing the company's market value to more than $1 trillion, adding $41 billion to Elon Musk's net worth and pushing him over the 300 billion dollars for the first time in two years. According to the estimates of ForbesElon Musk closed the day on Friday with a fortune of 304 billion dollars.
In addition to the rise in the price of bitcoin (at the end of Friday afternoon, it was trading at $76,550, not far from its all-time high), shares of the cryptocurrency exchange Coinbase Global and the cryptocurrency application crypto-friendly stock exchange Robinhood shined this week. Shares of Coinbase soared 48% this week, boosting the fortunes of its co-founders Brian Armstrong and Fred Ehrsam, while shares of Robinhood soared 27%, boosting the net worths of its co-founders Vlad Tenev and Baiju Bhatt.
The big tech fortunes have also progressed. Oracle Chairman Larry Ellison became almost $24 billion richer as shares of the software and cloud computing company he co-founded rose 11%. Amazon Chairman Jeff Bezos and Meta CEO Mark Zuckerberg became richer by $9 billion and about $7.5 billion, respectively, thanks to rising shares of their two companies.
These gains are not solely the result of Donald Trump's victory. Several companies that reported strong quarterly profits last week saw sizable gains. AppLovin, a Nasdaq-listed company that makes tools to help developers design their applications, announced on Wednesday, November 6, higher-than-forecast revenue and earnings before interest, taxes, depreciation and amortization (EBITDA). the third quarter, which led stocks to jump on Thursday and continue their climb on Friday, up 77% for the week. The fortune of CEO and co-founder Adam Foroughi increased by some $3.8 billion to reach $8.7 billion.
Doximity, a social network for doctors, had a stellar quarter, according to a report from analysts at Canaccord Genuity. Shares of this Nasdaq-listed company soared nearly 38% last week, adding nearly $900 million to co-founder and CEO Jeff Tangney's fortune.
Coffee drinks chain Dutch Bros also had reason to rejoice. Shares of this Oregon-based company rose 41% last week. The company expects its turnover to increase for the year. Billionaire CEO Travis Boersma's fortune increased by $900 million.
Here are some of the biggest gains made by billionaires over the past week (net worths are calculated as of market close on Friday, November 8 and gains are measured as of market close on Friday, November 1is November).
Net worth : 304 billion dollars
Gain : 41 billion dollars
Elon Musk, who has long supported the Democratic camp, donated nearly $119 million to a pro-Trump super PAC. Additionally, he participated in the Republican candidate's campaign rallies and pledged to cut $2 trillion from the United States budget as an advisor to the new president. Dan Ives, an analyst at Wedbush, said in a note to clients after the election results were released that Tesla has several potential avenues it could take advantage of under President Donald Trump, including a possible elimination of credit federal tax on electric vehicles, which would make it difficult for Tesla's smaller competitors.
Net worth : $230.7 billion
Gain : $23.7 billion
Software and cloud computing company Oracle, which Larry Ellison co-founded and chairs, received a boost, along with other major tech stocks, following Donald Trump's victory . Shares rose 11% last week.
Net worth : $11.7 billion
Gain : $3.7 billion
Net worth : $3.3 billion
Gain : 700 million dollars
Brian Armstrong, who is CEO and president of cryptocurrency exchange Coinbase Global, co-founded the company with Fed Ehrsam, who is now a board member. Prospects of a crypto-friendly Trump administration sent stocks significantly higher on Wednesday, November 6, a rally that extended into Thursday and Friday, as bitcoin hit a new high, narrowly surpassing $76,000 .
Net worth : $1.9 billion
Gain : 400 million dollars
Net worth : 2 billion dollars
Gain : 400 million dollars
Robinhood Networks, the crypto-friendly trading app founded by Vlad Tenev and Baiju Bhatt, has also ridden the bitcoin wave, with shares soaring 27% in the past week. Vlad Tenev is the CEO of the company. Baiju Bhatt left his leadership role at Robinhood in March and has since founded a startup that plans to install solar panels in space that will send renewable energy back to earth.
Net worth : $3.2 billion
Gain : 900 million dollars
Doximity, the social network for doctors that Jeff Tangney co-founded and leads as CEO, reported better-than-expected quarterly results last Thursday after the market closed. That sent shares up 35% on Friday. The publicly traded company, approximately 32% owned by Jeff Tangney, had revenue of $475 million in its most recent fiscal year and had a market capitalization of 10.8 as of Friday. billion dollars.
Net worth : $8.7 billion
Gain : $3.8 billion
Technology company AppLovin, led by CEO and co-founder Adam Foroughi, impressed shareholders with better-than-expected third-quarter revenue and EBITDA. The shares saw a dramatic 77% rise and added nearly $4 billion to Adam Foroughi's net worth. The company, with year-over-year revenue of $4.3 billion, is now valued at $97 billion.
Net worth : $3.1 billion
Gain : 900 million dollars
Coffee chain Dutch Bros wowed investors when it announced an increase in its revenue forecast for the full year 2024 (between $1.255 billion and $1.26 billion). The chain's quarterly revenue also increased by 28%. The news sent shares up 41% over the week and also boosted the fortunes of co-founder and chairman Travis Boersma.
Also read: Buoyed by the election of Donald Trump, bitcoin breaks records and reaches $90,000
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