The ten richest people in the world increased their wealth by 63 billion dollars in one day after the announcement of the victory of the Republican Donald Trump in the presidential elections in the United States.
Points of attention
- Major billionaires such as Elon Musk, Larry Ellison, and Warren Buffett saw substantial increases in their fortunes following Trump's election victory.
- The stock market reacted positively to Trump's win, leading to a $63 billion collective wealth surge for the top ten wealthiest individuals.
- Crypto billionaires like Brian Armstrong and Changpeng Zhao also experienced significant boosts in their net worth after Trump's victory.
- Trump's agenda of tax cuts and deregulation is anticipated to further enhance the fortunes of the world's richest people.
- As Trump's administration plans tax cuts and deregulation, Elon Musk's close ties with the President could potentially bring additional benefits and new opportunities for him.
What is known about the earnings of the richest people in the world on Trump's victory in the US elections
It is noted that the stock market reacted to Trump's victory in the US elections by increasing the shares of the largest companies, which allowed the richest people in the world to increase their own fortunes.
In particular, the article emphasizes that after Trump's return to the White House, his administration is expected to begin a program of tax cuts and deregulation.
The fortunes of billionaire and owner of SpaceX and Tesla Elon Musk, who openly supported Trump, increased the most. He increased his own capital by 26.5 billion dollars.
Also, on the first day after the announcement of the election results, Jeff Bezos' wealth increased significantly by $3.2 billion.
Oracle's Larry Ellison (+$5.4 billion) and Warren Buffett (+$5.4 billion) also increased their fortunes.
Crypto billionaires also significantly increased their fortunes.
Personal capital of Brian Armstrong, co-founder and CEO of the crypto exchange Coinbase, grew by 30% in a day — to 11 billion. Changpeng Zhao, founder of Binance, the world's largest crypto exchange, increased his net worth by 12.1 billion after the election — to 52.7 billion
What will Musk get from supporting Trump in the US elections
In his victory speech, Trump mentioned Musk and said that he will be treated well in the new administration of the US president because America "needs to protect geniuses".
Musk, whose fortune is 264 billion dollars, can easily afford to donate more than 100 million dollars to the campaign of his fellow billionaire, — notes the author of the article for The Guardian Dan Milmo.
In addition, he notes that there are signs that Musk has already begun to return the money invested in Trump's victory.
For example, Tesla shares rose nearly 15% in Wall Street trading for the company's market capitalization of $900 billion.
According to Dan Ives, an analyst at the American financial company Wedbush Securities, Tesla's capitalization may increase to $200 billion after Trump's victory.
The billionaire may not return the $44 billion he spent on acquiring the social network Twitter (now X), but control over the platform has allowed him to amplify "pro-Trump" messages.
Musk is also likely to play a role in the Trump administration. In September, Trump announced that he would form a government commission on efficiency, which will be headed by Musk, the publication emphasizes.
