It was a giddy week for U.S. stocks. Markets jumped in the wake of Donald Trump’s presidential election win early Wednesday, briefly sending the S&P 500 over 6,000 for the first time ever on Friday. The Nasdaq index rose 5.7% and the Dow Jones Industrial Average climbed nearly as much.
Elon Musk is worth more than $300 billion for the first time in more than two years.
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No billionaire’s fortune grew more in dollar terms than that of Elon Musk, the world’s richest person, the CEO of Tesla and SpaceX and principal owner of social media firm X. Tesla shares rose nearly 30% in the past week, increasing the company’s market value to more than $1 trillion, adding $41 billion to Musk’s net worth and lifting him above the $300 billion mark for the first time in two years. Musk ended Friday worth $304 billion, Forbes estimates.
In addition to a runup in the price of Bitcoin–as of late Friday afternoon it was trading at $76,550, just off its all-time high–shares of crypto exchange Coinbase Global and crypto-friendly stock trading app Robinhood shined this week. Coinbase shares rocketed up 48% this week, boosting the fortunes of cofounders Brian Armstrong and Fred Ehrsam, while Robinhood shares shot up 27%, lifting the net worths of cofounders Vlad Tenev and Baiju Bhatt.
Big tech stocks ticked up as well. Oracle chairman Larry Ellison got nearly $24 billion richer this week as shares of the software and cloud computing company he cofounded rose 11%. Amazon chairman Jeff Bezos and Meta CEO Mark Zuckeberg got $9 billion and about $7.5 billion richer, respectively, as shares of both their companies moved higher.
It’s not just election enthusiasm driving up share prices. A few companies that reported strong quarterly earnings in the second half of the week had enormous runups. Nasdaq-listed AppLovin, which makes tools that help developers grow their apps, reported better-than-expected third quarter revenue and Ebitda late Wednesday, leading shares to jump on Thursday and continue rising Friday–a 77% rise for the week. That boosted CEO and cofounder Adam Foroughi’s fortune by some $3.8 billion to $8.7 billion.
Doximity, a social network for doctors, had a “blowout quarter” per a report from analysts at Canaccord Genuity. Shares of the Nasdaq-listed company rocketed up nearly 38% this week, adding nearly $900 million to cofounder and CEO Jeff Tangney’s fortune.
Coffee drink chain Dutch Bros also had reason to cheer. Shares of the Oregon-based company got a 41% boost this week. The company projects higher revenue for the year. Billionaire CEO Travis Boersma’s fortune got a $900 million lift.
Here are some of the biggest billionaire gainers of the past week. (Net worths are as of market close Friday, November 8. Change is measured from market close on Friday, November 1.)
Elon Musk
Net worth: $304 billion
Gain: $41 billion
Musk, who formerly supported Democrats, donated nearly $119 million to a super PAC supporting Trump, showed up at Trump rallies and has vowed to cut $2 trillion from the U.S. budget as an advisor to the new president. Wedbush analyst Dan Ives said in a note to clients after the election results came out that Tesla has several potential avenues from which it would benefit under Trump’s leadership, including a possible elimination of a federal tax credit on electric vehicles, which would make it harder for Tesla’s smaller competitors.
Larry Ellison
Net worth: $230.7 billion
Gain: $23.7 billion
Software and cloud computing firm Oracle, which Ellison cofounded and chairs, got a boost along with other big tech stocks in the wake of Trump’s win. Shares scooted up 11% for the week.
Brian Armstrong
Net worth: $11.7 billion
Gain: $3.7 billion
Fred Ehrsam
Net worth: $3.3 billion
Gain: $700 million
Armstrong, who is CEO and chairman of crypto exchange Coinbase Global, cofounded the firm with Ehrsam, now a board member. Expectations of a crypto-welcoming Trump administration drove shares up markedly on Wednesday, November 6–a rally that extended on Thursday and Friday, as Bitcoin hit a new high, climbing just past $76,000.
Vlad Tenev
Net worth: $1.9 billion
Gain: $400 million
Baiju Bhatt
Net worth: $2 billion
Gain: $400 million
Robinhood Networks, the pro-crypto trading app founded by Tenev and Bhatt, also rode the Bitcoin wave higher, with shares climbing 27% this past week. Tenev serves as CEO of the company; Bhatt stepped down from an executive role at Robinhood in March and has since founded a startup that plans to set up solar panels in space that will beam renewable energy back to earth.
Jeff Tangney
Net worth: $3.2 billion
Gain: $900 million
Doximity, the social network for doctors that Tangney cofounded and runs as CEO, reported better than expected quarterly earnings on Thursday after the market closed. That sent shares soaring 35% on Friday. Tangney, who owns around 32% of the listed company, which had $475 million in revenues in its most recent fiscal year and as of late Friday sported a market capitalization of $10.8 billion.
Adam Foroughi
Net worth: $8.7 billion
Gain: $3.8 billion
Tech firm AppLovin, under CEO and cofounder Foroughi, impressed shareholders with stronger-than-expected revenues and EBITDA for the third quarter. Shares gushed up by a stunning 77% and added nearly $4 billion to Foroughi’s net worth. The company, which has trailing 12-month revenues of $4.3 billion, now sports a $97 billion market valuation.
Travis Boersma
Net worth: $3.1 b
Gain: $900 million
Coffee chain Dutch Bros perked up investors when it announced higher expectations of full year revenue for 2024–of between $1.255 billion and $1.26 billion. Quarterly revenue also rose 28% for the chain. That news sent shares up 41% for the week, and boosted cofounder and chairman Boersma’s fortune as well.
This article was originally published on forbes.com and all figures are in USD.
