Wealthiest Individuals Globally See $64 Billion Increase After Trump's Re-election
Wednesday was not only a favorable day for Donald Trump but also marked a record-setting day for the fortunes of the world’s ten wealthiest people, according to Bloomberg’s Billionaires Index.
Elon Musk, the world's wealthiest individual and a prominent supporter of Trump, experienced the most significant increase, as Bloomberg reported his net worth rose by $26.5 billion to reach $290 billion on Wednesday.
The fortune of Amazon founder Jeff Bezos grew by $7.1 billion in the week after he decided that The Washington Post would not endorse Vice President Kamala Harris.
Larry Ellison, Oracle's co-founder and another Trump supporter, saw his net worth rise by $5.5 billion on Wednesday.
Other notable gainers included former Microsoft executives Bill Gates and Steve Ballmer, former Google executives Larry Page and Sergey Brin, and Berkshire Hathaway CEO Warren Buffett. While none of these billionaires openly supported a candidate this year, several have supported Democratic candidates and causes in the past.
Altogether, the top 10 wealthiest individuals saw an increase of $64 billion.
Bloomberg highlights this as "the largest single-day increase" in wealth since the index began in 2012. The stock market surged on Wednesday as the election concluded quickly, with expectations that Trump would usher in an era of deregulation and policies favorable to business. Investors are hopeful these changes will positively impact the stock market as a whole, particularly benefiting billionaires who hold a significant share of global wealth.
The fortune of Amazon founder Jeff Bezos grew by $7.1 billion in the week after he decided that The Washington Post would not endorse Vice President Kamala Harris.
Larry Ellison, Oracle's co-founder and another Trump supporter, saw his net worth rise by $5.5 billion on Wednesday.
Other notable gainers included former Microsoft executives Bill Gates and Steve Ballmer, former Google executives Larry Page and Sergey Brin, and Berkshire Hathaway CEO Warren Buffett. While none of these billionaires openly supported a candidate this year, several have supported Democratic candidates and causes in the past.
Altogether, the top 10 wealthiest individuals saw an increase of $64 billion.
Bloomberg highlights this as "the largest single-day increase" in wealth since the index began in 2012. The stock market surged on Wednesday as the election concluded quickly, with expectations that Trump would usher in an era of deregulation and policies favorable to business. Investors are hopeful these changes will positively impact the stock market as a whole, particularly benefiting billionaires who hold a significant share of global wealth.
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