Donald Trump's Election Win Boosts Wealth of the Richest

Donald Trump’s recent election victory has significantly impacted the stock market, causing key indexes to rise sharply. As a result, some of the wealthiest individuals in the world have seen their fortunes increase by billions of dollars.

Leading the surge is Elon Musk, the world’s richest person. His net worth jumped by an impressive $26.5 billion by the end of the trading day as Tesla’s stock experienced a nearly 15% increase. Musk owns a substantial portion of Tesla, holding close to 13% of the company’s outstanding shares. Additionally, he might have the opportunity to acquire more Tesla stock at a significant discount, contingent upon the approval of his compensation plan by the courts. This year, Musk has already seen an impressive increase of $61.3 billion, bringing his total net worth to $290 billion, as reported by Bloomberg’s Billionaire Index.

Musk’s financial gains are partially fueled by his close relationship with President Trump, as he is expected to advocate for a national strategy regulating driverless vehicles. While there are speculations about Musk potentially taking on a government role, it remains unclear if he will accept an official position.

In addition to Musk, other prominent billionaires also enjoyed considerable increases in their net worth. Jeff Bezos, the founder of Amazon, added $7.14 billion to his fortune, holding onto 9% of Amazon stock. Similarly, Larry Ellison, founder of Oracle and an ally of both Trump and Musk, saw his net worth rise by nearly $10 billion.

Among the top ten richest individuals, other beneficiaries included Bill Gates, the co-founder of Microsoft; Larry Page, former CEO of Google; Warren Buffett, the CEO of Berkshire Hathaway; and Steve Ballmer, the former Microsoft CEO. However, it was not all gains, as Mark Zuckerberg, CEO of Meta, and Bernard Arnault, CEO of LVMH, were the only two among the top ten who faced losses, with Zuckerberg's net worth decreasing by $81 million and Arnault's dropping by $2.85 billion.

Additionally, Jensen Huang, co-founder of Nvidia, experienced a net worth increase of $4.86 billion, contributing to his remarkable wealth growth this year. Overall, Huang’s wealth has surged by $83 billion in 2024, making him the 11th richest person globally.

Trump, Wealth, Stocks