The world’s 10 richest people are richer by a record $64 billion thanks to Trump’s re-election
(CNN) –– Wednesday wasn’t just a good day for Donald Trump. The wealth of the world’s 10 richest people also grew by a record amount, according to the Bloomberg Billionaires Index.
The biggest winner was Elon Musk, the world’s richest man and one of Trump’s most outspoken and loyal supporters, whose wealth rose from $26.5 billion to $290 billion on Wednesday, according to Bloomberg. Amazon founder Jeff Bezos’s fortune increased by $7.1 billion in a week after he defended his decision not to publish his Washington Post media outlet’s support for Vice President Kamala Harris. Oracle co-founder Larry Ellison, another Trump supporter, saw his net worth increase by $5.5 billion on Wednesday.
Other winners 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 endorsed any candidates this year, they have spoken out in favor of Democratic candidates and causes in the past.
Together, the 10 richest people earned $64 billion.
Bloomberg noted that this is the “biggest daily gain” in wealth it has seen since the index launched in 2012. The market rose on Wednesday as the election quickly ended and in anticipation of Trump ushering in a new era of wealth deregulation and other developments. pro-business laws and policies that investors believe could benefit the stock market as a whole, especially the billionaires who own most of the world’s wealth.
“There is a broad consensus that a business- and tax-friendly regime is being introduced, especially now that they won the Senate,” said Michael Block, chief operating officer of AgentSmyth.
Trump Media & Technology Group, owner of Truth Social, Trump’s social media company, also benefited from its shares, which soared after CNN and other media outlets predicted Trump would win. The stock rose 35% before starting to decline.
Trump is the majority owner of a conservative social media company that has little revenue and is losing money. The president-elect’s 114.75 million shares were worth about $5.3 billion based on that initial gain, down from $3.9 billion at the close of trading on Election Day.