World's Richest Increase Wealth by $64 Billion After Trump's Re-election
Wednesday proved to be not only a favorable day for Donald Trump but also a record-setting one for the fortunes of the world's 10 wealthiest people, as reported by Bloomberg's Billionaires Index.
Elon Musk, the world's wealthiest individual and a staunch supporter of Trump, saw the largest increase, with his net worth rising by $26.5 billion to reach $290 billion, as reported by Bloomberg.
Following his decision to stop The Washington Post from endorsing Vice President Kamala Harris, Amazon founder Jeff Bezos experienced a $7.1 billion increase in his wealth within a week.
Larry Ellison, co-founder of Oracle and another Trump advocate, saw his net worth grow by $5.5 billion on Wednesday.
Others who benefited 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 supported a candidate this year, several have previously backed Democratic figures and initiatives.
Altogether, the top 10 wealthiest individuals gained a total of $64 billion.
Bloomberg highlights that this represents "the largest single-day increase" in wealth since the index was established in 2012. The stock market surged on Wednesday as the election wrapped up quickly, with expectations that Trump would introduce a wave of deregulation and business-friendly policies. Investors anticipate that these changes will broadly benefit the stock market, especially favoring billionaires who own a significant portion of global wealth.
Following his decision to stop The Washington Post from endorsing Vice President Kamala Harris, Amazon founder Jeff Bezos experienced a $7.1 billion increase in his wealth within a week.
Larry Ellison, co-founder of Oracle and another Trump advocate, saw his net worth grow by $5.5 billion on Wednesday.
Others who benefited 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 supported a candidate this year, several have previously backed Democratic figures and initiatives.
Altogether, the top 10 wealthiest individuals gained a total of $64 billion.
Bloomberg highlights that this represents "the largest single-day increase" in wealth since the index was established in 2012. The stock market surged on Wednesday as the election wrapped up quickly, with expectations that Trump would introduce a wave of deregulation and business-friendly policies. Investors anticipate that these changes will broadly benefit the stock market, especially favoring billionaires who own a significant portion of global wealth.
