The world’s 10 Richest People Got a Record $64 Billion Richer from Trump’s Re-election
Donald Trump’s re-election on Wednesday wasn’t just a triumph for his political supporters; it brought an unprecedented financial boost to the world’s wealthiest individuals. According to Bloomberg’s Billionaire Index, the combined wealth of the top 10 richest people surged by $64 billion in a single day, marking the largest daily increase recorded since the index’s inception in 2012.
Leading the gains was Tesla and SpaceX CEO Elon Musk, one of Trump’s prominent supporters. Musk’s wealth spiked by $26.5 billion, reaching a total of $290 billion. Amazon founder Jeff Bezos also saw his fortune swell by $7.1 billion, days after defending his newspaper, The Washington Post, for choosing not to endorse Vice President Kamala Harris.
Other billionaires who saw significant increases included Oracle co-founder Larry Ellison, whose net worth jumped by $5.5 billion, as well as former Microsoft executives Bill Gates and Steve Ballmer, former Google leaders Larry Page and Sergey Brin, and Berkshire Hathaway CEO Warren Buffett. While none of these individuals publicly endorsed a candidate in the election, many have previously supported Democratic causes.
The surge in billionaire wealth followed a swift resolution to the election and investor anticipation of Trump’s business-friendly agenda, including expected deregulation and tax cuts. These policies are seen by investors as likely to favour stock markets, particularly for those with substantial holdings.
“There is this huge perception of a business-friendly, tax-friendly regime coming into place, especially with Republicans retaining control of the Senate,” remarked Michael Block, Chief Operating Officer at AgentSmyth.
In addition to the gains among the top billionaires, Trump’s own media company, Truth Social owner Trump Media & Technology Group, saw shares surge as much as 35% following media projections of his victory. As the dominant shareholder, Trump’s 114.75 million shares briefly climbed in value to around $5.3 billion before the stock price later eased.
