Top 10 Wealth Winners After Trump's Election Victory
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Top 10 Wealth Winners After Trump's Election Victory
One week after the election, this article identifies the top ten winners of Trump's victory by examining market-driven wealth gains from publicly available data.
Navigating Web3 tides with focused insightsText: Frank, PANews
The 2024 U.S. presidential election has concluded, and Trump's victory has not only drawn global attention but also triggered new waves in the business world. Numerous corporate magnates have emerged as winners in this political game, seeing significant increases in their wealth within a short period.
Moreover, due to Trump's favorable stance toward the cryptocurrency space, this political contest has clearly brought a moment of great momentum to crypto. Recent market performance confirms this: Bitcoin has continuously reached new highs, peaking at $89,000 on the morning of November 12, while major cryptocurrencies and MEME coins collectively surged—ushering what appears to be a long-awaited celebration for the entire crypto industry. One week after the election, PANews reviews the top ten beneficiaries of Trump’s victory based on publicly available market data as of November 12.
Elon Musk
Besides Trump himself, Elon Musk may be one of the biggest winners of this election. However, Musk did not initially back Trump. Back in 2016, after Trump was first elected president, Musk joined his economic advisory team and participated in policy discussions. He later resigned from the team when Trump announced the U.S. withdrawal from the Paris Climate Agreement. It wasn't until 2022 that Musk stated, prior to acquiring Twitter, “I think it’s important to have an inclusive and trustworthy digital public space.” He added, “Otherwise, how can we help Trump get elected president in 2024?” Shortly after acquiring Twitter, Musk promptly reinstated Trump’s account.
As the 2024 election approached, Musk made substantial contributions to Trump’s campaign through his newly established political action committee (America PAC), donating $75 million in July and an additional $47 million in October. According to insiders, Musk’s Super PAC spent approximately $200 million supporting Trump’s campaign. Beyond financial support, Musk repeatedly appeared at rallies promoting Trump, truly going ALL IN on Trump.
Clearly, Musk reaped the greatest rewards following Trump’s win. In just one week, Tesla’s stock rose 60%, reclaiming a market cap of over $1.1 trillion. Musk’s net worth soared by $70 billion in a single week, reaching $335 billion—approximately 2.3 trillion RMB. This is likely not the final payoff from Musk’s bet on Trump; with Trump set to implement policies upon entering the White House, even greater returns may follow. But judging solely by one week’s results, Musk turned a $122 million investment into a $70 billion increase in net worth—a short-term return of 573 times. From this perspective, Musk truly deserves the title of America’s modern-day Lü Buwei.
Larry Ellison
Larry Ellison, co-founder and chairman of Oracle, has long been one of the few tech leaders in Silicon Valley who openly supports Trump. As early as 2020, Ellison hosted a fundraising event for Trump. During this election cycle, as far back as 2022, he donated $20 million to a Republican-supporting Super PAC, accounting for 78% of the PAC’s total funds raised at the time. While Ellison hasn’t campaigned publicly for Trump like Musk, this behind-the-scenes alliance has evidently not gone unnoticed by the market.
Following Trump’s victory, Ellison’s wealth surged by nearly $18 billion, bringing his net worth to $204 billion—around 1.4 trillion RMB.
Jeff Bezos
Jeff Bezos, founder of Amazon and owner of The Washington Post, has long attracted scrutiny over his political stance. During both the 2016 and 2020 U.S. presidential elections, The Washington Post publicly endorsed Democratic candidates and criticized Republican candidate Trump. However, ahead of the 2024 election, The Washington Post announced it would no longer endorse any candidate—an act widely interpreted as either an olive branch to Trump or a move to avoid conflict should he win.
In terms of outcome, after Trump’s victory and amid a broad rally in tech stocks, Bezos’s net worth increased by $11.5 billion, reaching $223.5 billion.
Brian Armstrong
Brian Armstrong, CEO of Coinbase, did not publicly express support for any specific candidate during the 2024 U.S. presidential election. Perhaps acting in Coinbase’s interest, he previously stated that regardless of the election outcome, the U.S. government would maintain a friendly stance toward cryptocurrencies. After the election, Armstrong declared Trump’s victory a win for crypto, emphasizing growing political support for digital assets.
Regardless of Armstrong’s actual political leanings, Coinbase has clearly emerged as one of the election’s winners. Over the past month, Coinbase’s stock rose 83.8%, and Armstrong’s personal net worth increased by $5.6 billion in one week alone, reaching $14 billion. In terms of growth rate, Armstrong is undoubtedly one of the biggest winners among these ultra-wealthy individuals.
MicroStrategy
As one of the largest holders of Bitcoin, MicroStrategy has become one of the best-performing U.S. stocks this year, with its share price up 573.4% year-to-date. After Trump won the election and Bitcoin surged past $89,000 to a new high, MicroStrategy’s stock also broke above $340, hitting an all-time high. Within the past month alone, the company’s stock rose approximately 59.9%.
On the evening of November 11, MicroStrategy announced it had purchased 27,200 bitcoins between October 31 and November 10 for about $2.03 billion, at an average price of roughly $74,463 per BTC. The purchase was funded through the company’s ATM stock offering program. MicroStrategy now holds a total of 279,420 bitcoins, acquired at an average cost of approximately $42,692 each, for a total investment of around $11.9 billion. At a Bitcoin price of $89,000, the unrealized gain on its holdings is estimated at about $12.9 billion.
French Trader Théo
Théo, a French trader, has become a celebrated figure as the top winner on Polymarket, the prediction market for the U.S. election. Using a unique neighbor-survey method and making large bets, Théo earned over $48.5 million in this election cycle. Unlike the paper wealth gains of billionaires, Théo’s profits are actual cash proceeds. In this sense, he might arguably be the biggest winner of them all. (Related reading: Mystery whale wins $50 million on Polymarket—how did he correctly predict the election?)
However, winners on Polymarket remain rare. According to OKG Research, only three accounts profited more than $10 million, and about 12% of accounts achieved positive returns.
Holders of X Token
X Empire is a clicker game themed around Elon Musk. Since its launch in July 2024, the token’s price had remained stagnant and showed a prolonged downtrend. However, after Trump’s election victory—and Musk emerging as a direct beneficiary—related themes gained traction in the crypto market. Between November 4 and November 10, the price of X Empire surged up to 17 times its previous level. Some traders capitalized on this movement: a trader known as Bit Langlang reportedly achieved a 10,000x return trading the X token.
$PNUT Holders
Several meme tokens were tied to the U.S. election, particularly in the meme coin sector. Yet on election day, neither Trump-themed nor Harris-themed tokens performed well. Instead, $PNUT—a meme coin centered around a网红 squirrel persecuted by law enforcement—gained massive popularity after being heavily promoted by Musk. With the election settled, PNUT has been recognized by the market as a successful meme experiment targeting the Democratic Party. On November 11, Binance announced it would list the $PNUT token. Following the news, $PNUT’s price surged another ~2x, reaching a market cap of $450 million.
Cardano
Charles Hoskinson, founder of Cardano, has expressed support for Trump’s crypto policies on multiple occasions. This low-cost political alignment has paid off handsomely for Cardano. During the TOKEN2049 conference in Singapore in September 2024, Hoskinson told CNBC: “From a cryptocurrency standpoint, Trump is clearly the more popular candidate compared to Harris.”
On November 10, Hoskinson reiterated his willingness to cooperate with a Trump-led U.S. government to help shape cryptocurrency legislation, aiming to establish a clear regulatory framework for the industry. Driven by these developments, Cardano’s governance token ADA surged 106% between November 5 and November 10—making it nearly the best-performing major cryptocurrency during that period. ADA’s market cap briefly approached $30 billion, increasing by $15 billion in just one week.
The Broader Crypto Market
Thanks to Trump’s repeated promises to introduce pro-crypto policies upon taking office, the global crypto market has benefited broadly. In terms of market capitalization, since the final phase of the campaign began, the overall crypto market has steadily climbed—from $2.19 trillion on November 5 to a peak of $3.1 trillion on November 12, setting a new record high. From this perspective, the crypto market itself is the biggest winner of Trump’s election. And under current conditions, the positive momentum driven by the election appears to be ongoing.
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