The Crypto tycoons and bosses who invested millions into the US presidential election in November are now worth billions. The election results have resulted in top Crypto business executives becoming extremely wealthy, according to a CoinDesk investigation. For example, following the election on November 5, Coinbase CEO Brian Armstrong reaped a windfall from the sale of his firm shares.
Armstrong Sells $129M Coinbase Up $21B
Armstrong has received an additional $129 million from selling his shares, while Coinbase’s market value has increased by $21 billion. Additionally, his $6.4 billion Coinbase investment is approximately $2 billion larger than it was on election day. Before the election, Coinbase made headlines for donating $25 million to Fairshake, a super PAC. Armstrong and Coinbase contributed a combined total of $74 million.
Which matched contributions from Ripple and Andreessen Horowitz (a16z), as stated in the paper. A recent SEC filing disclosed that, by the ‘Armstrong Plan,’ he retains 10% ownership of Coinbase and around 24 million shares worth in his trust. Before the election, Armstrong wrote on X about how he planned to diversify his holdings by selling some of his shares and investing in “moonshots,” while keeping the rest of his shares.
XRP Soars Boosting Garlinghouse’s Wealth
After the election, Ripple’s native cryptocurrency, XRP, soared from $0.50 to $2.32, resulting in massive gains for CEO Brad Garlinghouse as well. Results show that XRP has gained 54.7% in the last 30 days, as reported by CoinMarketCap. The result is that its market cap is now the third highest among digital assets.
To quote Garlinghouse, “The Crypto Tycoons Profit is up over $1 trillion since Trump won.” (Garlinghouse, 2017). Donations totalling $73 million came from Ripple, with an additional $70 million coming from a16z (which includes funds set aside for the 2026 election cycle). In addition to his significant, hidden holdings of Ripple’s XRP token, the CoinDesk report states that Garlinghouse owns over 6% of the company. He is also one of the top billionaires in the United States.
After the price of XRP increased, Garlinghouse’s holdings have increased thrice due to the election. Consequently, the CEO’s personal fortune also experienced a significant increase. Also, a16z’s Mark Andreessen and Ben Horowitz were heavily invested in cryptocurrency startups. After the election, their wealth exceeded the amount of money they spent on American politics.
Summary
After the US presidential election, Crypto tycoons such as Brad Garlinghouse (CEO of Ripple) and Brian Armstrong (CEO of Coinbase) saw enormous wealth. The sale of Armstrong’s $129 million worth of Coinbase shares increased his personal holdings by $2 billion and increased the company’s market value by $21 billion.
Furthermore, Armstrong and Coinbase contributed $74 million to the campaign. At the same time, Garlinghouse’s wealth was also greatly increased as the price of XRP soared from $0.50 to $2.32. Garlinghouse became one of the top US billionaires when his holdings tripled, thanks to the heavy investment in the election by Ripple and a16z.
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