When Donald Trump clinched the U.S. presidency on Tuesday night, some of the world’s wealthiest individuals like Binance founder CZ and Elon Musk were celebrating significant personal gains.
Elon Musk, for instance, saw his fortune jump from $264 billion to $290 billion in just 24 hours following Trump’s win. Tesla shares surged 20% after Trump’s victory over Kamala Harris, adding to Musk’s windfall.
The crypto world also enjoyed its own wave of newfound wealth, albeit on a somewhat smaller scale. Bloomberg estimates that Binance founder Changpeng Zhao (CZ) saw his net worth climb by around $12 billion from election day to the following morning.
Bloomberg and Forbes Provides Data on CZ Net Worth
On Tuesday, Bloomberg estimated that CZ’s net worth was $38 billion. Today, they’ve raised it to $52.7 billion. Forbes takes a more generous approach in calculating the Binance executive’s wealth. While they don’t offer historical estimates, they currently peg his net worth at $60.6 billion.
Most of CZ’s wealth comes from his 90% stake in Binance, the world’s largest crypto exchange with over 150 million registered users. While Binance is a private company and doesn’t share financial data, Bloomberg projects that it brings in around $9.8 billion a year from spot and derivatives trading.
CZ has also mentioned he personally holds Bitcoin and Binance’s BNB. Analysts say CZ’s sudden rise in net worth is tied to a jump in crypto prices following Trump’s win. With bitcoin climbing 7% this week and hundreds of billions added to the global crypto market cap, Binance’s equity value has grown as a reflection of the gains seen by its crypto-investing users.
What Donald Trump’s Win Means for the Crypto Market
Donald Trump, a strong supporter of the U.S. crypto industry, has claimed victory in the race for a second term as president of the United States. Though the Associated Press hasn’t officially called the race, Trump celebrated with a packed crowd at the Republican Headquarters in Mar-a-Lago, Florida, after emerging victorious in the election.
Republicans have also secured control of the Senate, with the possibility of winning the House, although vote counts are still ongoing. The former president clinched Georgia, a crucial swing state, early in the vote count on Tuesday night, taking the lead over Democratic candidate Vice President Kamala Harris.
He then won Pennsylvania, another key state with 19 electoral votes, early Wednesday morning. While Trump has yet to reach the 270 electoral votes needed to formally secure the presidency, his lead in Wisconsin and Michigan suggests he’ll easily surpass this threshold. Many in the crypto industry welcomed Trump’s win, hopeful that he’ll deliver on his promises to support and protect their interests.
CZ Speaks About a Possible Return to Binance
In a recent interview on the Wu Blockchain podcast, Zhao — who effectively stepped down as Binance CEO after a plea deal with U.S. authorities last November — opened up about his experience in prison. He shared that what he missed most was simply connecting with people.
Zhao discussed his sentence related to the Banking Secrecy Act, noting he’s the first person to receive jail time for a single violation of this kind. Reflecting on recent cases, he mentioned TD Bank’s $1.8 billion fine for similar issues, where no individuals were held accountable.
Looking forward, CZ shared that his main focus is now on two ventures: Giggle Academy and investments in blockchain, AI, and biotech.
Trump’s return to the presidency is already shaking up the financial world, giving a boost to some of its biggest players. Elon Musk’s net worth is climbing as Tesla’s stock gains momentum, and Binance’s CZ is seeing his wealth hit new peaks. Trump’s clear support for the U.S. crypto industry and his pro-business approach are reviving investor confidence and sparking market growth. With his administration coming together, experts and investors are keeping a close eye on how his policies will shape the crypto and tech landscapes.
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