The result of Wednesday’s US presidential election not only marked a monumental return to power for President-elect Donald Trump but also saw a significant rise in wealth for at least ten of the world’s wealthiest persons.
According to Bloomberg’s Billionaire Index, a record US $64 billion was collectively added to the net worth of the elite class shortly over the last 24 hours.
Tesla and X CEO Elon Musk, the world’s richest person and one of Trump’s most vocal advocates leading up to the election, experienced the biggest jump with wealth moving from $26.5 billion to $290 billion Wednesday, Bloomberg reports.
The world’s third richest man-Amazon founder Jeff Bezos, saw his wealth inflated by $7.1 billion a week after facing scrutiny over his choice to withhold the Washington Post’s endorsement of Vice President Kamala Harris.
Bezos, of course, owns the major news publication.
Larry Ellison, co-founder of tech giant- Oracle and another vocal advocate for the incoming president supporter, saw his net worth rise $5.5 billion Wednesday.
Former Microsoft executives Bill Gates and Steve Ballmer. Former Google executives Larry Page and Sergey Brin, along with Berkshire Hathaway CEO Warren Buffett were also Other gainers include
Although none of those billionaires endorsed a candidate this year, they have spoken in favour of Democratic candidates and causes in the past, CNN reports.
According to Bloomberg, it’s the rise marks the “biggest daily increase” in wealth since the index began in 2012.
The market rallied Wednesday as the election concluded swiftly and with expectations that Trump will usher in a new era of deregulation and other pro-business laws and policies investors believe could benefit the stock market overall — especially billionaires who hold much of the world’s wealth.
