Wednesday was not just a day of political success for former President Donald Trump; it was a historic financial windfall for the world’s 10 wealthiest individuals, who collectively gained a staggering $64 billion.
According to Bloomberg’s Billionaire Index, this marks the largest single-day increase in wealth since the index began in 2012, fueled by a bullish stock market that soared on expectations of pro-business policies under a potential Trump administration.
The biggest beneficiary of the day was Tesla CEO Elon Musk, the world’s wealthiest individual and an outspoken Trump supporter. Musk’s fortune surged by an astounding $26.5 billion, bringing his net worth to an unprecedented $290 billion. Amazon founder Jeff Bezos, another influential figure with a prominent voice in media, saw his wealth increase by $7.1 billion, partly spurred by his recent defense of The Washington Post’s editorial independence amid a media landscape dominated by the election.
Oracle co-founder Larry Ellison, another Trump supporter, also saw a significant gain, with his net worth jumping by $5.5 billion. Other top billionaires who reaped the benefits include former Microsoft executives Bill Gates and Steve Ballmer, Google founders Larry Page and Sergey Brin, and Warren Buffett of Berkshire Hathaway. Although some of these billionaires have previously supported Democratic candidates, many of their portfolios benefited from the market’s optimism.
The rally was spurred by the promise of a swift election outcome, easing investor uncertainty, and hopes for deregulation and tax cuts under Trump’s leadership, which market analysts anticipate could fuel additional growth for companies with substantial capital investments. Meanwhile, shares of Trump Media & Technology Group, the parent company of Trump’s social media platform Truth Social, saw an initial 35% spike in value following the election projections, briefly pushing Trump’s personal stake from $3.9 billion to an estimated $5.3 billion.
As the market responds to political shifts, Wednesday’s financial gains for the billionaire class highlight the intersection of wealth, politics, and economic policy, underscoring the influence of political outcomes on corporate fortunes. The unprecedented rise in billionaire wealth demonstrates the volatility and potential upside for high-stakes investors in today’s financial and political landscape.
