After Trump won a second presidential term, the fortunes of the top ten billionaires globally skyrocketed, with a record single-day increase.
The Bloomberg Billionaires Index shows that the total wealth of the top ten billionaires globally, led by Musk, surged by $63.5 billion on Wednesday. Musk alone added $26.5 billion. Amazon's Bezos, and Oracle's Larry Ellison also saw significant increases in assets. This is the largest single-day increase since the Bloomberg Wealth Index was launched in 2012.
The substantial increase in the fortunes of these super-rich individuals is largely attributed to the surge in the US stock market, highlighting the market's bet on Trump's return to the White House for implementing agendas such as tax cuts and regulatory reductions. The S&P 500 index rose 2.5% on Wednesday, marking the best post-election day performance in history, with the dollar also strengthening.
Lombard Odier's Chief Economist and Chief Investment Officer, Samy Chaar, and Head of Investment Strategy, Luca Bindelli, wrote in a report to clients, “American financial assets, especially stocks and the dollar, should receive a boost”.
Among the top ten billionaires globally, only one is from outside the USA, namely the Director of LVMH Group, Bernard Arnault.
Musk campaigned alongside Trump, and the President-elect has promised Musk an official position. Tesla's stock price surged 15% in the New York market on Wednesday, expanding its total rise over the past year to 32%.