The recent re-election of Donald Trump has led to unprecedented wealth gains for the world’s top billionaires.
With Trump’s victory confirmed, market optimism surged, benefiting the stock portfolios of the wealthiest individuals globally, as recorded by Bloomberg’s Billionaire Index.
The top 10 billionaires collectively gained an astonishing $64 billion in a single day, marking the largest single-day increase in wealth since Bloomberg began tracking the index, CNN reported.
Elon Musk, a prominent Trump supporter and the world’s wealthiest person, saw the most significant gain, with his fortune rising by $26.5 billion to reach $290 billion.
Amazon founder Jeff Bezos also benefited, with his wealth climbing by $7.1 billion following his decision not to endorse any candidate in the race. Oracle’s Larry Ellison, another Trump supporter, saw his net worth increase by $5.5 billion.
Other billionaires like Bill Gates, Steve Ballmer, Larry Page, Sergey Brin, and Warren Buffett also gained considerably, although they did not publicly endorse Trump. Historically, some of these tech moguls have aligned with Democratic causes. Still, their wealth rose alongside that of other billionaires due to the stock market’s positive response to Trump’s business-friendly policies.
Experts suggest the market surge reflects expectations of a favorable business environment under Trump’s renewed leadership. Trump’s victory and probable Senate backing create the potential for a deregulation wave and pro-business laws, which are likely to benefit major investors and corporations.
Trump’s own social media company, Trump Media & Technology Group, also experienced a significant increase in value. Following the election announcement, shares of Truth Social, owned by Trump, rose as much as 35% before stabilizing. This jump briefly boosted the value of Trump’s stake to $5.3 billion.
This article was written with the assistance of artificial intelligence.