 "President-elect Donald Trump with Tesla CEO Elon Musk. AFP File")
The wealth of the world’s 10 richest individuals comprising mostly US tech billionaires saw a record surge following Donald Trump’s victory in the presidential election, according to a report.
According to The Guardian, citing the Bloomberg Billionaires Index, the wealth of the top 10 billionaires On Wednesday grew by nearly $64 billion (£49.5 billion), marking the largest single-day increase since the index was launched in 2012.
Elon Musk, the world’s wealthiest person, saw the biggest jump, with his fortune rising by $26.5 billion to a total of $290 billion. The Tesla CEO, a prominent supporter of Trump, benefitted from a spike in Tesla’s share price, where he holds a 13% stake, added the report.
The gains were driven by a rally in US stocks on Wednesday, as investors anticipated a low-tax, deregulation-friendly policy agenda under Donald Trump, reported The Guardian.
Tech industry leaders, including Jeff Bezos of Amazon, Facebook parent Meta’s Mark Zuckerberg, and Apple’s Tim Cook, publicly congratulated Trump on his election win.
Among the biggest beneficiaries was Bezos, the world’s second-richest person, who saw his fortune rise by $7 billion to nearly $230 billion. Larry Ellison, the Oracle chairman and a longtime Republican supporter, added nearly $10 billion to his wealth, bringing it to $193 billion.
Other top 10 billionaires whose fortunes grew included Microsoft co-founder Bill Gates, former Microsoft CEO Steve Ballmer, and Google co-founders Larry Page and Sergey Brin, added the report.
Impact Shorts
More ShortsHowever, Trump has also voiced frustration with Google during his campaign, threatening in September to instruct the Justice Department to pursue criminal charges against the company if he won.
He accused Google of prioritising negative news about him while excluding critical coverage of his opponent, Kamala Harris — a claim Google denied.
The only member of the wealth elite to see a loss on Wednesday was French luxury goods magnate Bernard Arnault, whose fortune dropped by nearly $3 billion.
Mark Zuckerberg’s wealth also dipped slightly by $81 million, though he remains worth $202 billion. The Facebook founder has drawn Trump’s ire, with the president-elect accusing Zuckerberg of conspiring against him in the 2020 election and even threatening to imprison him for life in August.
With inputs from agencies