Following the announcement of Donald Trump’s victory in the US election, billionaires’ wealth increased by $63.5 billion due to the rise of the stock market and crypto assets, Bloomberg reports.
Trump’s success has had a significant impact on the wealth of the world’s ten richest people, who together increased their wealth by $63.5 billion in one day. Elon Musk earned the most, gaining an additional $26.5 billion. Musk actively supported Trump during the election campaign and, according to sources, may be considered for a position in the new administration.
Other beneficiaries include Jeff Bezos, who dissuaded the Washington Post from supporting candidate Kamala Harris. His fortune increased by $3.2 billion. Oracle’s Larry Ellison and investor Warren Buffett also gained significantly, adding $5.4 billion each to their assets.
The stock market reacted positively to the election, with equities rising as investors expect tax cuts and simpler regulations for businesses under Trump’s leadership.
In addition, Trump’s plans to make the US the centre of cryptocurrency development have contributed to the growth of cryptocurrency tycoons’ fortunes. Co-founder of Coinbase Brian Armstrong increased his capital by 30%, reaching $11 billion, and Binance founder Changpeng Zhao earned another $12.1 billion, raising his net worth to $52.7 billion.
As a reminder, Republican candidate Donald Trump won the US presidential election with 270 electoral votes.
