Photo credit: Kai Trump

Billionaire entrepreneur and Tesla CEO Elon Musk saw his net worth increase by $20 billion after Donald Trump's victory in the U.S. presidential election.

Musk, a major financial supporter of Trump, experienced a net worth increase exceeding 7.5 percent in a single day, raising it to $285.6 billion, according to Forbes.

Furthermore, Tesla’s shares rose nearly 15 percent on Wednesday, hitting $286.74 in after-hours trading — the highest stock price noted since September 2022, as reported by Google Finance.

Musk celebrated Trump's win, even prior to the election being declared in the ex-president's favor.

In a post on his social media platform X on November 6, the CEO of SpaceX stated that Trump received a “crystal clear mandate for change.”

"The citizens of America have communicated their message with total clarity," he stated in another post on Nov. 7 following the US Department of Justice dismissing their cases against Donald Trump after charging him with fraud and attempting to unlawfully reverse the 2020 election.

Musk, who campaigned alongside Trump in Pennsylvania, had much to lose in this election, contributing at least $119 million to a super PAC backing the former president.

Elon Musk wasn't the sole billionaire who became wealthier after Trump's win.

Jeff Bezos, the second richest individual globally after Musk, witnessed his net worth increase by $7 billion to reach $223.5 billion as Amazon's stock rose 3.8 percent to a record high of $207 by the close of trading on Wednesday.

Coinbase CEO Brian Armstrong experienced a positive day as his net worth rose by $2.6 billion, totaling approximately $11 billion after the company's stock jumped 31 percent on Nov. 6.

Michael Saylor, the founder of MicroStrategy and a Bitcoin enthusiast became almost $600 million better off as his estimated net worth climbed to $6.6 billion following a 13 percent rise in company stock.

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