Wednesday marked a significant day not just for Donald Trump, but also for the world’s tech billionaires. According to Bloomberg’s Billionaire Index, the wealth of the top 10 richest individuals surged to a record high.
Leading the charge was Elon Musk, the wealthiest person globally and a staunch Trump supporter, whose fortune soared by $26.5 billion to reach $290 billion. Jeff Bezos, the founder of Amazon, also saw a notable increase of $7.1 billion just a week after defending his choice not to endorse Vice President Kamala Harris in the Washington Post. Larry Ellison, Oracle’s cofounder and another Trump ally, experienced a $5.5 billion rise in his net worth.
Additional notable gains came from former Microsoft executives Bill Gates and Steve Ballmer, along with ex-Google leaders Larry Page and Sergey Brin, and Berkshire Hathaway CEO Warren Buffett. Although these billionaires did not endorse any candidate this year, they have previously supported Democratic initiatives.
In total, the top 10 richest individuals collectively added $64 billion to their fortunes. This increase represents the largest daily jump in wealth recorded by Bloomberg since the index’s inception in 2012. The stock market rallied in the wake of the election results, fueled by expectations that Trump will initiate pro-business policies and deregulation that investors believe will benefit the stock market, particularly for the wealthy.
“There is this huge perception of a business-friendly, tax-friendly regime coming into place, especially with the Senate in their hands,” noted Michael Block, COO of AgentSmyth.
Additionally, Trump Media & Technology Group, the owner of Trump’s social media platform Truth Social, experienced a significant boost, with its shares skyrocketing after media outlets declared Trump the winner. At one point, the stock surged by 35% before settling down.
Following these gains, Trump’s 114.75 million shares, as the dominant shareholder, were briefly valued at around $5.3 billion, an increase from $3.9 billion at the close of trading on Election Day.
