The announcement of Donald Trump’s victory in the 2024 presidential election triggered a surge in US stock markets, resulting in a record $64 billion jump in the combined net worth of the world’s ten richest people.
Leading the charge was Tesla’s Elon Musk, whose fortune increased by $26.5 billion, marking the largest single-day gain ever recorded in Bloomberg’s Billionaires Index since its inception in 2012.
Among the biggest beneficiaries were Amazon’s Jeff Bezos and Oracle’s Larry Ellison, whose wealth also saw substantial boosts. This remarkable surge in the ultra-rich’s fortunes highlights the positive market reaction to Trump’s election, as investors bet on policies that favor lower taxes and reduced regulation, which are seen as likely under his second term.
The S&P 500 rose by 2.5%, its best post-election performance in history, while the US dollar also gained strength. Analysts, including Samy Chaar and Luca Bindelli of Lombard Odier, noted that US financial assets, particularly equities and the dollar, would likely see sustained growth under Trump’s economic agenda.
Elon Musk, the world’s richest person with a net worth of $290.3 billion, played a prominent role in Trump’s campaign, even campaigning alongside him. Tesla’s stock soared 15% on Wednesday, further bolstering Musk’s fortune and solidifying his support for a second Trump administration. While Musk’s support of Trump has been evolving over the years, his endorsement is now seen as a strategic bet on the potential benefits of reduced governmental oversight, especially in the tech and energy sectors.
Crypto billionaires also saw notable gains, with Coinbase’s Brian Armstrong and Binance’s Changpeng Zhao both adding billions to their fortunes following the election results.
Among the top ten wealthiest individuals, only Bernard Arnault, the French chairman of LVMH, is based outside the US The rest, including tech titans like Mark Zuckerberg, Bill Gates, and Warren Buffett, saw their wealth grow in the wake of Trump’s victory. The positive market response reflects expectations that Trump’s second term will prioritize deregulation and tax cuts, propelling further growth in American companies, especially in the tech and manufacturing sectors.
