Trump’s Victory Adds Record $64bn to Wealth of Top 10 Richest People

Share surge increases Elon Musk’s fortune by $26bn in a day as Jeff Bezos, Sergey Brin, and Bill Gates also benefit

Record-Breaking Wealth Gains Among Top Billionaires- Trump’s Victory

Following Donald Trump’s presidential election victory, the world’s ten wealthiest individuals collectively added nearly $64 billion to their fortunes, marking the largest one-day increase in wealth since Bloomberg’s Billionaires Index launched in 2012.

Tech industry leaders, especially those with a strong presence in U.S. markets, were among the primary beneficiaries, with the top 10 richest people seeing substantial gains in their net worth as stocks surged. This surge reflects investor expectations of favorable policies, including low taxes and lighter regulation, anticipated under Trump’s administration.

Elon Musk Sees the Biggest Single-Day Increase

Elon Musk, the CEO of Tesla and SpaceX, emerged as the biggest gainer, adding $26.5 billion to his wealth. Musk, who supported Trump’s campaign, saw Tesla shares rise significantly, pushing his net worth to $290 billion. Musk’s holdings in Tesla, where he owns a 13% stake, fueled this increase.

Amazon’s Jeff Bezos, the world’s second-richest person, added $7 billion to his wealth, reaching nearly $230 billion. Other tech giants, including Meta’s Mark Zuckerberg, Apple’s Tim Cook, and Oracle’s Larry Ellison, publicly congratulated Trump on his victory, with Ellison’s wealth increasing by $10 billion to $193 billion.

Market Surge Driven by “MAGA Trade”

According to Neil Wilson, chief analyst at the broker Finalto, U.S. stocks rallied on the back of a “pure MAGA trade.” Investors anticipated the benefits of a clear and uncontested election result, coupled with Trump’s low-tax and pro-deregulation policies.

“The prospect of lower taxes, deregulation across various sectors such as banking, energy, and tech, plus a big, reflexive relief rally from a clean election outcome drove the reaction,” Wilson explained. “The red-wave result was what every American capitalist would have favored.”

Wealth Breakdown and Changes in Net Worth

Here’s a summary of the wealth changes among the top 10 billionaires from November 5 to November 6, 2024:

Source: Bloomberg

Key Winners and Losers

While most of the top 10 billionaires gained from the election’s outcome, not everyone benefited. French luxury goods mogul Bernard Arnault experienced a decline of nearly $3 billion, or -1.6%, possibly due to lower interest from international investors in European luxury assets amid the U.S. market surge. Zuckerberg also saw a minor dip of $81 million in his wealth due to his ongoing conflict with Trump over allegations of influencing the 2020 election.

Political Tensions with Tech Giants

Despite his campaign backing from some of the tech elite, Trump has also maintained a tense relationship with others, notably Google. On the campaign trail, Trump threatened to investigate Google if he won the election, accusing the company of bias against him. Google denied these claims, maintaining its commitment to neutrality in its services.

With this massive increase in wealth, tech leaders now stand as some of the most prominent beneficiaries of Trump’s policies, aligning their fortunes with the broader market gains fueled by pro-business expectations. The final effects of Trump’s administration on U.S. markets and the tech sector remain to be seen, but the record-breaking gains set a notable precedent.

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