Elon Musk, Mark Zuckerberg & Jeff Bezos see significant wealth gains as market optimism grows following President Trump’s re-election to the US presidency.
The global technology industry has long been a driving force in the world economy, with its leaders wielding significant influence and amassing vast fortunes.
However, in recent years, the sector has faced increasing scrutiny from governments worldwide, grappling with issues such as data privacy, market dominance and the societal impact of their products.
This has led the relationship between tech giants and political leaders to have been complex, often marked by both cooperation and tension.
Against this backdrop, the outcome of the 2024 US presidential election has sent ripples through the tech world, with notable implications for some of its most prominent figures.
According to the Bloomberg Billionaires Index, the world’s 10 wealthiest individuals saw their combined net worth increase by nearly US$64bn on the day following the election results.
This surge in wealth reflects the market’s optimism about potential deregulation and business-friendly policies under a second President Trump administration.
Elon Musk’s wealth reaches new heights
Elon Musk, CEO of electric vehicle manufacturer Tesla and space exploration company SpaceX, has seen his net worth increase dramatically in the wake of President Trump’s victory.
Elon’s fortune grew by US$26.5bn in a single day, bringing his total net worth to US$304bn, according to Forbes.
The market optimism surrounding Elon’s companies appears to be driven by expectations that the President Trump administration will create a favourable environment for his businesses.
One specific policy that has been highlighted is President Trump’s promise to ban self-driving Chinese electric vehicles, which are seen as a key competitor to Tesla’s planned robotaxi service.
Elon’s political support for President Trump has been substantial, with the Tesla CEO reportedly contributing over US$132m to President Trump’s campaign and other Republican candidates leading up to the 2024 election.
This level of involvement suggests that Elon may have significant influence in shaping policies that could benefit his companies.
Furthermore, the relationship between Elon and President Trump has evolved significantly since the previous election cycle.
Elon, once seen as a liberal advocate for clean energy, has undergone a political transformation since acquiring Twitter (now X) in 2022.
His platform has become a significant voice for the Make America Great Again (MAGA) movement, with Elon himself accused of promoting President Trump and spreading misinformation to his 200 million followers.
Mark Zuckerberg’s reconciliation
Mark Zuckerberg, CEO of Meta (formerly Facebook), has also seen his fortune increase following President Trump’s re-election.
Despite past tensions between Mark and President Trump, the Meta CEO has taken a conciliatory stance in the wake of the election results.
In July 2024, following an assassination attempt on President Trump, Mark praised the former president’s resilience: “Seeing Donald President Trump get up after getting shot in the face and pump his fist in the air with the American flag is one of the most badass things I’ve ever seen in my life,” Mark said.
This shift in tone comes after President Trump had previously accused Mark of steering Facebook against him during the 2020 election.
In his book “Save America”, President Trump warned that if such actions were repeated, the Meta CEO would “spend the rest of his life in prison”.
This reconciliation between Mark and President Trump perhaps highlights the complex dynamics between tech leaders and political figures.
It also underscores the potential influence that political outcomes can have on the fortunes and strategies of major technology companies.
Jeff Bezos extends olive branch
Jeff Bezos, Founder and Executive Chairman of e-commerce giant Amazon, has also responded to President Trump’s victory.
Despite their previous conflicts, Jeff congratulated President Trump on his re-election, praising what he called an “extraordinary political comeback and decisive victory”.
In a post on X, Jeff stated: “Big congratulations to our 45th and now 47th President on an extraordinary political comeback and decisive victory. No nation has bigger opportunities”.
He added his wishes for President Trump to successfully lead and unite the country.
This conciliatory tone comes after a history of discord between the two.
President Trump had previously criticised Jeff, particularly for his ownership of The Washington Post, often referring to it as the “Amazon Washington Post”.
However, Jeff’s recent praise for President Trump’s “grace under literal fire” following an assassination attempt in July 2024 marked a shift in their relationship.
The reaction of these CEOs to President Trump’s victory is not solely based on personal political views.
It also reflects a pragmatic approach to maintaining positive relationships with the incoming administration, which will have significant influence over policies affecting the technology industry.
As the dust settles on the election, the technology industry will be closely watching how these relationships evolve and what impact they may have on policy decisions affecting the sector.
The interplay between political power and technological innovation continues to shape the global business landscape, with implications that extend far beyond Silicon Valley.
According to Mike Lux, Co-Founder of Political Consultancy Democracy Partners: “President Trump has stated very openly that he wants revenge on people.
Of course there’s concern about blowback, I think it’s a very real possibility based on the statements and actions of President Trump”.
