{"id":27004,"date":"2024-11-19T19:22:18","date_gmt":"2024-11-19T18:22:18","guid":{"rendered":"https:\/\/magazine.luxus-plus.com\/?p=27004"},"modified":"2024-11-19T19:26:52","modified_gmt":"2024-11-19T18:26:52","slug":"these-billionaires-saw-their-fortunes-rise-with-donald-trumps-re-election","status":"publish","type":"post","link":"https:\/\/magazine.luxus-plus.com\/en\/these-billionaires-saw-their-fortunes-rise-with-donald-trumps-re-election\/","title":{"rendered":"These billionaires saw their fortunes rise with Donald Trump’s re-election"},"content":{"rendered":"

Barely re-elected to the White House on November 5, Donald Trump is making Elon Musk very happy, as much for his long-promised new government role as for his portfolio. However, the controversial founder of Tesla and SpaceX and owner of social network X (formerly Twitter) is far from the only one to benefit from the wind of pro-business optimism that seems to be blowing in the USA.<\/p>\n

<\/p>\n

 <\/p>\n

“Fight Fight Fight!<\/strong> \u201d chanted Donald Trump to his crowd of supporters as he escaped a sniper’s bullet last September.<\/p>\n

 <\/p>\n

With his new Department of Government Efficiency entrusted to two billionaires, Elon Musk and Vivek Ramaswamy<\/strong>, the fight is likely to be of a different nature, akin to the MMA bout that should have pitted the boss of Tesla against the boss of Meta: \u201cdismantling government bureaucracy\u201d<\/strong>.<\/p>\n

 <\/p>\n

And this Terminator job<\/strong> looks set to be a lucrative one<\/strong>. Elon Musk<\/strong>‘s support of the red-tie Republican’s victorious campaign has seen his personal fortune grow by $20 billion.<\/strong><\/p>\n

 <\/p>\n

And the richest man in the world<\/strong> – in regular intermittence with Bernard Arnault and Jeff Bezos – isn’t the only one<\/strong> to see his support in a fundamentally pro-business, anti-immigration 47th president rewarded<\/strong>.<\/p>\n

 <\/p>\n

A Terminator in government…<\/h2>\n

They’re both as narcissistic and touchy-feely as each other, yet so far they’ve found each other well enough to earn a few perks for services rendered. A fervent supporter of Donald Trump’s campaign<\/strong>, Elon Musk contributed $119 million<\/strong> to help elect his champion via a Super PAC<\/strong>, a political organization responsible for campaigning… and raising funds for a candidate.<\/p>\n

 <\/p>\n

On November 12<\/strong>, Elon Musk inherited a ministerial position within the new Trump administration<\/strong>, that of supervisor of the \u201cDepartment of Government Efficiency\u201d.<\/strong> This new body, which goes by theacronym DOGE<\/strong>, a nod to Elon Musk’s favorite cryptocurrency, is tasked with \u201cdismantling government bureaucracy\u201d.<\/p>\n

 <\/p>\n

Officially, the structure is to work outside government<\/strong> to provide the White House with “advice and guidance<\/strong> \u201d and thus avoid any conflict of interest.<\/p>\n

 <\/p>\n

Elon Musk has already announced his intention to save $2,000 billion in the federal budget<\/strong> by laying off civil servants, a method the South African businessman is familiar with from his work with social network X (formerly Twitter). The plan is also to cut more than one in four federal agencies, including the Department of Education.<\/p>\n

 <\/p>\n

On his own platform, Elon Musk doesn’t beat about the bush to unveil his miracle recipe, going so far as to tweet “Department of Government Efficiency.<\/em> Business will be (fire emojis)\u201d.<\/em> And more recently, \u201cThreat to democracy?<\/em> No, threat to BUREAUCRACY!!!”<\/em><\/p>\n

 <\/p>\n

And Elon isn’t the only one who can play Trump’s cost-killer<\/strong>: Vivek Ramaswamy<\/strong>, former Republican primary candidate and businessman forms an apt tandem with the former.<\/p>\n

 <\/p>\n

The White House has insisted that their respective offices should end no later than July 4, 2026<\/strong>.<\/p>\n

Richer than ever…<\/h2>\n

Since Donald Trump’s re-election, US stock market values have gained over $1,800 billion.<\/strong><\/p>\n

 <\/p>\n

Elon Musk is no exception<\/strong>: the world’s richest man has seen his net worth rise by $41 billion to $285.6 billion<\/strong>, thanks to the rise in Tesla shares. The stock market value of the Californian electric car giant saw its share price soar by 30% in the week following Trump’s accession to the presidency.<\/p>\n

 <\/p>\n

Elon Musk is not the only one to have seen his fortune swell with Donald Trump’s return to power.<\/strong><\/p>\n

 <\/p>\n

The tech sector has particularly benefited from the Republican camp’s victory. Larry Ellison<\/strong>, co-founder of Oracle, earned $24 billion<\/strong>, taking his net worth to $230.7 billion. Amazon CEO Jeff Bezos<\/strong> saw his fortune grow by $9 billion<\/strong>.<\/p>\n

 <\/p>\n

The phenomenon can certainly be explained by the Republican’s perceived pro-business stance<\/strong> and his tax-cutting promises, but also and above all by his pro-cryptocurrency stance.<\/strong><\/p>\n

 <\/p>\n

The Friday after the election, Bitcoin peaked at $76,550, not far from its all-time high<\/strong>. As reported in Forbes magazine, Coinbase<\/strong> co-founders Brian Armstrong and Fred Ehrsam saw their wealth soar with the 48% increase in market value.<\/p>\n

 <\/p>\n

Long reticent about this type of digital currency, Donald Trump has finally changed his mind<\/strong>, to the delight of the aforementioned business leaders, themselves holders of cryptocurrency-related shares.<\/p>\n

 <\/p>\n

And the tech world seems more than ever to be counting on Elon Musk to soften the Trump administration’s anti-immigration rhetoric<\/strong> and pull off the deal of the century by simplifying legal immigration<\/strong>. Silicon Valley employs some 100,000 foreign professionals on H-1-B visas<\/strong>. Indeed, who better to guide the president’s policies than a naturalized South African billionaire?<\/p>\n

 <\/p>\n

Read also > Swing States once again at the heart of the US elections<\/a><\/p>\n

Front page photo: Getty Images<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

Barely re-elected to the White House on November 5, Donald Trump is making Elon Musk very happy, as much for his long-promised new government role as for his portfolio. However, the controversial founder of Tesla and SpaceX and owner of social network X (formerly Twitter) is far from the only one to benefit from the wind of pro-business optimism that seems to be blowing in the USA.<\/p>\n","protected":false},"author":1,"featured_media":27000,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_seopress_titles_title":"%%post_title%% %%sep%% %%sitetitle%%","_seopress_titles_desc":"Barely re-elected on November 5, Donald Trump was making the fortunes of a host of billionaires, and not just Elon Musk.","_seopress_robots_index":"","_seopress_robots_follow":"","_seopress_robots_imageindex":"","_seopress_robots_snippet":"","_seopress_robots_primary_cat":"none","_seopress_robots_breadcrumbs":"","_seopress_robots_freeze_modified_date":"","_seopress_robots_custom_modified_date":"","_seopress_robots_canonical":"","_seopress_social_fb_title":"","_seopress_social_fb_desc":"","_seopress_social_fb_img":"","_seopress_social_fb_img_attachment_id":0,"_seopress_social_fb_img_width":0,"_seopress_social_fb_img_height":0,"_seopress_social_twitter_title":"","_seopress_social_twitter_desc":"","_seopress_social_twitter_img":"","_seopress_social_twitter_img_attachment_id":0,"_seopress_social_twitter_img_width":0,"_seopress_social_twitter_img_height":0,"_seopress_redirections_value":"","_seopress_redirections_enabled":"","_seopress_redirections_enabled_regex":"","_seopress_redirections_logged_status":"both","_seopress_redirections_param":"","_seopress_redirections_type":301,"_seopress_analysis_target_kw":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[644,17],"tags":[],"class_list":["post-27004","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-geopolitics","category-news"],"_links":{"self":[{"href":"https:\/\/magazine.luxus-plus.com\/en\/wp-json\/wp\/v2\/posts\/27004","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/magazine.luxus-plus.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/magazine.luxus-plus.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/magazine.luxus-plus.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/magazine.luxus-plus.com\/en\/wp-json\/wp\/v2\/comments?post=27004"}],"version-history":[{"count":0,"href":"https:\/\/magazine.luxus-plus.com\/en\/wp-json\/wp\/v2\/posts\/27004\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/magazine.luxus-plus.com\/en\/wp-json\/wp\/v2\/media\/27000"}],"wp:attachment":[{"href":"https:\/\/magazine.luxus-plus.com\/en\/wp-json\/wp\/v2\/media?parent=27004"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/magazine.luxus-plus.com\/en\/wp-json\/wp\/v2\/categories?post=27004"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/magazine.luxus-plus.com\/en\/wp-json\/wp\/v2\/tags?post=27004"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}