Donald Trump's surprising victory in the U.S. presidential election triggered an unprecedented financial tsunami on Wall Street. In just one historic day, the ten richest people on the planet saw their fortunes soar by $63.5 billion, marking the largest increase ever recorded by the Bloomberg Billionaires Index since its inception in 2012.
Billionaires pocket $63 billion after Trump's victory.
On November 6, 2024, right after the announcement of Trump's victory, Wall Street exploded. Elon Musk, a staunch supporter of the Republican candidate, became the big winner on this special day. The CEO of Tesla and X (formerly Twitter) saw his personal fortune surge by $26.5 billion, driven by an astonishing 15% increase in Tesla's stock in pre-market trading.
Other tech tycoons were also not left out. Jeff Bezos, the founder of Amazon, enriched his empire by $7.14 billion, while Larry Ellison, CEO of Oracle, recorded a spectacular increase of $9.88 billion. The two co-founders of Google, Larry Page and Sergey Brin, respectively added $5.53 billion and $5.17 billion to their fortunes.
Legendary investor Warren Buffett, despite having a political stance aligned with the Democratic Party, was not spared from this bullish wave, earning $7.58 billion for Berkshire Hathaway.
A historic day for the super-rich.
The financial markets expressed their enthusiasm for the prospect of Trump's second term, pushing three major indices to historic highs. The Dow Jones soared by 3.57%, followed by Nasdaq (+2.95%) and S&P 500 (+2.53%).
This excitement in the stock market is largely explained by investors' expectations regarding Trump's economic agenda. Promises of significant tax cuts and deregulation particularly attract Wall Street, reminiscent of the prosperous times during Trump's first term.
However, not everyone benefited from this wave. Mark Zuckerberg, the world's third-richest person, lost $80.9 million, while Bernard Arnault, the French luxury goods tycoon, saw $2.85 billion of his wealth evaporate.
These dramatic moves illustrate the significant impact that political decisions can have on global financial markets. As Trump prepares to reinvest in the White House, Wall Street seems to be betting heavily on a new economic growth cycle driven by business-friendly policies.
So the money will go into the pockets of the Wall Street billionaires.
