Donald Trump's resounding victory in the US presidential election has triggered an unprecedented financial tidal wave on Wall Street. In a single historic day, the ten richest people on the planet saw their wealth jump by $63.5 billion, marking the largest increase ever recorded by the Bloomberg Billionaires Index since its creation in 2012.
Billionaires pocket 63 billion after Trump's victory
On November 6, 2024, in the immediate wake of the announcement of Trump's victory, Wall Street went up in flames. Elon Musk, fervent support of the Republican candidate, emerges as the big winner of this exceptional day. The boss of Tesla and
The other tech titans were not left out. Jeff Bezos, founder of Amazon, made his empire worth $7.14 billion, while Larry Ellison, CEO of Oracle, recorded a spectacular gain of $9.88 billion. Google co-founders Larry Page and Sergey Brin added $5.53 billion and $5.17 billion to their fortune, respectively.
The legendary Warren Buffett, despite his traditionally democratic political positions, did not escape this bullish wave, with a gain of 7.58 billion for Berkshire Hathaway.
A historic day for the ultra-rich
Financial markets showed enthusiasm over the prospect of a second Trump term, sending all three major indexes to all-time highs. The Dow Jones jumped 3.57%, followed by the Nasdaq (+2.95%) and the S&P 500 (+2.53%).
This stock market euphoriaexplain largely by investors' expectations regarding Trump's economic agenda. The promises of massive tax cuts and regulatory relief particularly appealed to Wall Street, recalling the prosperous period of Trump's first term.
However, not everyone has benefited from this rising tide. Mark Zuckerberg, the world's third largest fortune, suffered a loss of $80.9 million, while Bernard Arnault, the French luxury magnate, saw $2.85 billion of his fortune evaporate.
These dramatic moves illustrate the significant impact that policy decisions can have on global financial markets. As Trump prepares to return to the White House, Wall Street appears to be betting heavily on a new cycle of economic growth fueled by pro-business policies.
Maximize your Tremplin.io experience with our 'Read to Earn' program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.
