Elon Musk Made $26 Billion After Trump’s Victory – How Much Did Binance Founder Make?

The results of the 2024 U.S. presidential election, with Donald Trump’s victory, have triggered a notable surge in the wealth of some of the world’s wealthiest individuals, including Tesla’s Elon Musk and Binance founder Changpeng Zhao (CZ).

Following Trump’s win, markets saw a rapid shift, propelling Musk’s net worth from $264 billion to $290 billion, driven by a 20% increase in Tesla’s stock price. Meanwhile, CZ, who holds a dominant 90% stake in Binance, saw his net worth jump by an estimated $12 billion within 24 hours.

Bloomberg reported that CZ’s wealth rose from $38 billion to $52.7 billion, while Forbes’ alternative valuation placed his worth at $60.6 billion.

CZ’s fortune is largely tied to Binance, the global cryptocurrency exchange he founded, which boasts over 150 million registered users. Despite Binance’s financials being private, it is estimated to generate roughly $9.8 billion annually through spot and derivatives trading. CZ also holds personal stakes in Bitcoin (BTC) and Binance Coin (BNB).

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The sharp increase in CZ’s wealth can be attributed to a rally in cryptocurrency prices after the election results, with Bitcoin seeing a 12% rise within a week and the global crypto market capitalization surging by billions.

As Binance’s valuation is closely linked to the performance of the crypto market, the boost in crypto prices likely contributed significantly to the increase in CZ’s personal wealth.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.