The fortune of the ten richest people in the world, led by Elon Musk, increased by more than $63.5 billion in one day after it became known that Donald Trump won the US presidential election. This figure is a daily growth record.
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According to the Bloomberg Billionaires Index, Musk’s fortune increased by $26.5 billion overnight, while Amazon founder Jeff Bezos and Oracle co-founder Larry Ellison also became significantly richer. This is the biggest increase in the wealth of the world’s richest people since the Bloomberg index launched in 2012.
The rise in wealth among the world’s richest people is being driven by a rise in US stock prices as Trump’s return to the White House is expected to result in tax cuts and easing of regulations. Against this background, the S&P 500 index jumped by 2.5%, demonstrating its best growth rate in history since the presidential election, and the US dollar also showed growth.
Image Source: Bloomberg
Musk, who worked on the president-elect’s re-election campaign, is poised to influence politics because Trump promised him an official position. Against this background, shares of Tesla, owned by Musk, rose by 15% on the New York Stock Exchange on Wednesday. Overall, for the entire year, the value of securities of the electric vehicle manufacturer increased by 32%.
In addition to Musk, the fortunes of billionaires associated with the cryptocurrency market have increased significantly. Brian Armstrong, co-founder and CEO of cryptocurrency exchange Coinbase Global Inc., became 30% richer (his wealth has grown to $11 billion). The fortune of the founders of the Binance cryptocurrency exchange Changpeng Zhao after the US presidential election increased by $12.1 billion and amounted to $52.7 billion.