Billionaires Jeff Bezos, Larry Ellison, and Elon Musk saw their wealth increase. Getty Images
Wednesday, November 7, turned out to be an incredibly lucrative day for the world’s wealthiest individuals, with the collective net worth of the top 10 billionaires increasing by a record-breaking $64 billion. The surge came just after Donald Trump’s re-election victory, and it wasn’t just the former president who benefited.
Elon Musk, the world’s richest person and a vocal Trump supporter, saw his fortune rise by $26.5 billion, reaching a total of $290 billion. Musk’s wealth jump was the largest among the billionaires, reflecting the market’s favourable view of Trump’s win. Amazon founder Jeff Bezos also saw a notable increase, with his net worth growing by $7.1 billion just a week after defending his decision to withhold the Washington Post's endorsement of Vice-President Kamala Harris.
Larry Ellison, co-founder of Oracle and another Trump backer, saw his wealth rise by $5.5 billion, while other prominent figures like Bill Gates, Steve Ballmer, Larry Page, Sergey Brin, and Warren Buffett also enjoyed significant gains. Despite not openly endorsing Trump during the election, these individuals have previously supported Democratic causes.
The total wealth boost among the world’s richest figures is the largest daily increase seen since Bloomberg’s Billionaire Index started tracking the fortunes of the wealthy in 2012. This sharp rise reflects investor optimism following the election results, particularly the anticipation that Trump’s second term would bring business-friendly policies and a new era of deregulation. This belief in pro-business legislation has fueled hopes that the stock market will benefit, especially for those holding major wealth.
Michael Block, chief operating officer at AgentSmyth, noted that the market’s reaction to Trump’s win was largely shaped by a perception that a tax-friendly and business-friendly regime would be taking shape, especially with Republicans winning control of the Senate. This optimism was reflected in the rapid rise of stocks on Wednesday.
Trump’s social media venture, Truth Social, also saw its shares soar following the election outcome. The stock spiked as much as 35% at one point, briefly boosting the company’s value by $1.4 billion. Although Trump Media & Technology Group, which owns Truth Social, remains a loss-making venture with limited revenue, the early gains in stock value brought the worth of Trump’s 114.75 million shares to around $5.3 billion—up from $3.9 billion the day before.
While many of these wealth increases are tied to stock market rallies sparked by Trump’s win, they also reflect broader investor confidence in the direction of U.S. policies. In the aftermath of the election, there is an evident sentiment that business-oriented reforms under Trump’s leadership will continue to benefit high-net-worth individuals.
