On Wednesday, the net worth of the world’s wealthiest individuals experienced a massive single-day increase. According to Bloomberg’s Billionaire Index, these gains amounted to an unprecedented $64 billion among the top ten richest individuals.
The surge was primarily driven by investor expectations that the pro-business policies of the recently re-elected Donald Trump would be favourable for the market, particularly with the prospect of deregulation and tax cuts. Market confidence also soared as the election ended smoothly, reducing uncertainty for investors.
Elon Musk, the CEO of Tesla and SpaceX and an outspoken supporter of Trump, saw the largest single gain, with his wealth rising by $26.5 billion, bringing his total fortune to $290 billion.
Amazon founder Jeff Bezos, who made headlines recently for declining to endorse Vice President Kamala Harris, saw a $7.1 billion increase. Meanwhile, Oracle cofounder Larry Ellison’s net worth rose by $5.5 billion, partly due to optimism that a Trump administration would favour tech-friendly policies.
Other billionaires who experienced notable increases included Bill Gates, Steve Ballmer, Larry Page, Sergey Brin, and Warren Buffett. Although many of these tech moguls have previously supported Democratic candidates and causes, their wealth benefited significantly from market optimism following the election.
Trump’s own social media company, Trump Media & Technology Group (TMTG), also saw significant gains as shares of its stock spiked by up to 35% before settling down. Trump, the major shareholder of TMTG, saw the value of his shares temporarily rise to approximately $5.3 billion, up from $3.9 billion pre-election.
Financial analysts suggest that the perception of a “business-friendly, tax-friendly regime” under Trump, along with a GOP-controlled Senate, has generated expectations of favourable conditions for large corporations and ultra-wealthy investors, further driving stock values upward.
Source:
CNN Image:
KTVZ
