Trump won the US presidential election, with the top ten billionaires globally recording a record-breaking increase of about $63.5 billion; the US stock market and the dollar rose due to the election results, with Musk, Bezos, and Ellison leading the increase in wealth.
According to the latest Bloomberg Billionaires Index, the net worth of the top ten billionaires globally, led by Tesla CEO Musk, surged to a record-breaking $63.5 billion after the US stock market closed on Wednesday, with Trump's victory serving as a catalyst for the "money-printing" wealth growth of these billionaires.
Recently, many analysts on Wall Street continue to be bullish on US stocks, with some even predicting a rise to as high as 6600 points. Following the announcement of the US presidential election results, Goldman Sachs reasserted its forecast of the S&P 500 index reaching 6300 points within 12 months. The Wall Street financial giant's view on US stocks has not changed with Trump's election as the 47th President of the US, expecting strong profit growth to support market gains by 2025.
After Trump's announcement of victory, the top ten wealthiest individuals in the world became even richer.
The majority of the profits of these global super-rich individuals are attributed to the sharp overnight rise in the US stock market, highlighting the agenda related bets on lowering corporate taxes and relaxing regulations following Trump's return to the White House. The S&P 500 index rose by 2.5% to close at 5929.04 points by the end of Wednesday's US stock market close, marking the best post-presidential election day performance in history for the benchmark index, while the exchange rates also surged significantly.
More importantly, looking ahead, several Wall Street analysts remain bullish on US stocks, even predicting levels as high as 6600 points. After the US presidential election results were announced, Goldman Sachs reiterated its forecast for the S&P 500 index to reach 6300 points within 12 months. The outlook of this Wall Street financial giant on US stocks has not changed with Trump's election as the 47th President of the US. It is expected that strong profit growth will support market gains by 2025.
Goldman Sachs' Chief US Stock Strategist, David Kostin, said, "A key driver of the recent stock market will be the reduction of political uncertainty, which typically brings strong year-end returns in election years. With the resolution of election uncertainty, strong economic resilience and the continued expectation of Fed rate cuts are seen to support the healthy short-term prospects of the US stock market."
Another Wall Street institution Evercore ISI has even given a more optimistic forecast, stating that by mid-2025, the S&P 500 index will rise to 6600 points, and said: "Trump decisively and uncontroversially elected as President of the usa, and the Republican Party may win big, this is not anyone's basic forecast." Evercore ISI also stated that the prospect of regulatory easing is supportive for the U.S. stock market.
"The financial assets in the usa, especially stock assets and the dollar, are expected to continue to be boosted," wrote Samy Chaar, Chief Economist at Swiss Lombard Odier, in a report to wealth management clients.
It is worth noting that among the top ten super-billionaires globally, only one is not in the usa and has seen a decline in total wealth, that is Bernard Arnault, who is the chairman and largest shareholder of the global luxury goods giant LVMH. The LVMH stock price and the entire European stock market did not surge by Trump's victory, with European stock market investors instead feeling anxious about possible tariffs imposed by Trump.
It is understood that since the 'King of Understanding' Trump encountered an assassination attempt, he has been supporting Trump with huge funds, and the world's richest man Musk, who went all-in to support Trump, has seen his wealth pool increase significantly by $26.5 billion after the U.S. stock market closed on Wednesday.
Musk, along with the Republican presidential candidate, participated in multiple election rallies, until the election results clearly showed Trump's victory. Musk can be said to have participated in this election along with Trump, their fate has been firmly linked from the moment Musk sponsored Trump's presidential campaign. Due to Trump's vow to give Musk a formal position, he seems ready to influence U.S. policy-making. With Trump locking in the election victory, Musk is expected to enter the top echelon of the U.S. political scene, and even with Tesla's deep presence in China and Musk's favor for the Chinese market, he may become a 'bridge' in U.S.-China relations.
In the early hours of Wednesday local time, Trump praised Musk greatly during a victory speech at the Palm Beach Convention Center in Florida. 'We have a new star; a star is born: Elon,' Trump said. 'He's an amazing person. We sat together tonight. He spent two weeks in different areas of Philadelphia and Pennsylvania working hard for our campaign.' Trump said in his victory speech.
Under Musk's leadership, Tesla (TSLA.US) has become one of the biggest winners in the 'Trump trade' in the U.S. stock market. Tesla's stock price soared by over 15% in New York on Wednesday, expanding its gains to 32% in the past year. In the past year, Tesla's stock price has been in a long slump. In the eyes of Tesla investors and Musk fans, the 'Trump 2.0 era' is expected to completely benefit Trump's 'big donor' Musk's business empire, with Musk's influence in both politics and business potentially growing exponentially.
For Musk's long-standing complaints about 'inefficiency of the federal government' and 'delayed regulatory approval for Tesla FSD,' a series of regulatory challenges could see a 'qualitative change' with accelerated reviews. As a significant donor to Trump's campaign funds, Musk is expected to play an important role in the Trump administration. Trump has announced the formation of a government efficiency committee led by Musk, aimed at cutting federal spending, as well as possibly having the responsibility to oversee the administrative efficiency of federal government departments. Some analysts point out that Musk may use his influence in both politics and business to reduce the scale of government regulations on his Tesla and SpaceX rocket businesses, and hope to expedite the approval process for Tesla's FSD and Robotaxi by the federal government.
Deepwater Asset Management analyst Gene Munster predicts that the Trump administration may approve Tesla's autonomous driving plan faster, which is crucial for technological advancement. He emphasizes that regulatory challenges for autonomous driving are greater than technological challenges, making this point particularly important.
In addition, e-commerce giant Amazon's founder Jeff Bezos and software empire Oracle's founder Larry Ellison also benefited from the surge in US stocks on Wednesday. The cumulative wealth of the top ten super rich individuals created on Wednesday increased by a net amount of 63.5 billion US dollars, marking the largest daily increase since the Bloomberg Billionaires Index was launched in 2012.
In addition to Musk and the top ten super rich, the wealthiest individuals with the largest wealth growth are concentrated among crypto billionaires. The net worth of Brian Armstrong, co-founder and CEO of crypto exchange Coinbase Global Inc, surged by about 30% to reach 11 billion US dollars. The founder of the world's largest crypto exchange Binance, Changpeng Zhao, increased his wealth by about 12.1 billion US dollars after the US election, bringing his net worth to 52.7 billion US dollars.