Elon Musk, the world’s wealthiest person and one of Trump’s vocal supporters, led the gains. Musk’s net worth jumped by $26.5 billion, reaching $290 billion.
Amazon founder Jeff Bezos saw his fortune grow by $7.1 billion after recently defending his decision not to endorse Vice President Kamala Harris through the Washington Post.
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Meanwhile, Oracle co-founder Larry Ellison, another Trump ally, experienced a $5.5 billion increase in his net worth.
Other top gainers included former Microsoft leaders Bill Gates and Steve Ballmer, former Google executives Larry Page and Sergey Brin, and Berkshire Hathaway CEO Warren Buffett.
While none of these billionaires officially endorsed a candidate in this election, they have previously expressed support for Democratic causes.
Altogether, the 10 wealthiest individuals gained a collective $64 billion. Bloomberg noted it as the “biggest daily increase” in wealth since the index began in 2012.
This gain followed a swift election conclusion, with investors anticipating that Trump’s presidency would bring deregulation and pro-business policies favorable to the stock market and wealthy investors.
“There’s a strong perception of a business-friendly, tax-friendly regime on the horizon, especially with control of the Senate,” commented Michael Block, COO at AgentSmyth.
Trump Media & Technology Group, the parent company of Truth Social and owned by Trump, also surged as shares spiked following media projections of Trump’s win.
The stock rose as much as 35% at one point before leveling off. Trump’s 114.75 million shares briefly reached a value of about $5.3 billion, up from $3.9 billion at the close of trading on Election Day.
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