The World's Richest Individuals Gain $64 Billion After Trump's Re-election
Wednesday proved to be not only a favorable day for Donald Trump, but also a record-setting day for the fortunes of the world's 10 wealthiest people, as reported by Bloomberg’s Billionaires Index.
The most significant increase was experienced by Elon Musk, the world's wealthiest individual and a prominent supporter of Trump, whose net worth rose by $26.5 billion to $290 billion on Wednesday, according to Bloomberg.
Amazon's founder, Jeff Bezos, saw his fortune grow by $7.1 billion in the week after he opted to prevent The Washington Post from endorsing Vice President Kamala Harris.
Oracle's co-founder, Larry Ellison, another Trump supporter, observed his net worth rise by $5.5 billion on Wednesday.
Other beneficiaries 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 publicly endorsed a candidate this year, several have supported Democratic candidates and causes in the past.
In total, the top 10 wealthiest individuals gained $64 billion.
Bloomberg notes that this represents "the largest single-day increase" in wealth since the index's inception in 2012. The stock market soared on Wednesday as the election wrapped up quickly, with expectations that Trump would initiate a new era of reduced regulation and business-friendly policies. Investors are optimistic that these changes will positively impact the stock market, particularly for billionaires who control a large portion of global wealth.
Amazon's founder, Jeff Bezos, saw his fortune grow by $7.1 billion in the week after he opted to prevent The Washington Post from endorsing Vice President Kamala Harris.
Oracle's co-founder, Larry Ellison, another Trump supporter, observed his net worth rise by $5.5 billion on Wednesday.
Other beneficiaries 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 publicly endorsed a candidate this year, several have supported Democratic candidates and causes in the past.
In total, the top 10 wealthiest individuals gained $64 billion.
Bloomberg notes that this represents "the largest single-day increase" in wealth since the index's inception in 2012. The stock market soared on Wednesday as the election wrapped up quickly, with expectations that Trump would initiate a new era of reduced regulation and business-friendly policies. Investors are optimistic that these changes will positively impact the stock market, particularly for billionaires who control a large portion of global wealth.