Top Ten Richest People in the World Earned Record Amount on Trump's Victory.
The fortunes of the ten richest people in the world increased by $63 billion in one day after Donald Trump's victory in the U.S. presidential election.
The most significant increase in wealth was by Elon Musk (by $26.5 billion), who campaigned alongside Trump and is expected to influence the elected president's policy. Earlier, Trump stated he was ready to provide Musk with an official position, reports Economic Truth citing Bloomberg.
"The fortunes of the ten richest people in the world grew by $63 billion in one day after Donald Trump's victory in the U.S. presidential election."
Also, on the first day after the election results were announced, the fortune of Jeff Bezos increased significantly (by $3.2 billion), who prohibited the Washington Post editorial from supporting Kamala Harris in the election. Among other beneficiaries of Trump's victory are Larry Ellison from Oracle (+$5.4 billion) and Warren Buffett (+$5.4 billion).
The stock market responded to the election results by rising stock prices, allowing billionaires to increase their capital. The demand for stocks supports the expectation that Trump, upon returning to the White House, will implement a program of tax cuts and deregulation.
Cryptobillionaires also significantly increased their wealth: During the campaign, Trump promised to make the USA the crypto-capital of the world. Brian Armstrong's personal wealth, co-founder and CEO of the crypto exchange Coinbase, grew by 30% in one day - to $11 billion. Changpeng Zhao, founder of Binance, the world's largest crypto exchange, increased his net capital by $12.1 billion after the election - to $52.7 billion.
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