After the U.S. election, following the rise in the stock market on Wednesday, the wealth of the world's richest individuals increased significantly.
The wealth of Elon Musk, Larry Ellison, Warren Buffett, Jeff Bezos, and Huang Renxun surged on Wednesday, thanks to the sharp increase in the stock market after former President Donald Trump's victory in the presidential election.
As of the market close on Wednesday, the total wealth of these billionaires increased by nearly 53 billion US dollars. Their gains were driven by ecstatic stock investors who anticipate a forthcoming era of relaxed regulations and tax cuts that will boost corporate profits.
According to Forbes' real-time billionaire list, here are the individuals with the largest increase in net worth on Wednesday.
1. Elon Musk
Wealth Increase: $20.9 billion
Net Worth: $285.6 billion
Tesla CEO Elon Musk's wealth surged by $20.9 billion on Wednesday, further solidifying his position as the world's wealthiest individual with a net worth of nearly $286 billion.
The wealth of this billionaire is closely related to his holdings in multiple companies, mainly Tesla and SpaceX. On Wednesday, as his wealth grew, Tesla's stock price rose by nearly 15%, despite other electric car stocks being sold off due to concerns that Trump may cancel Biden-era tax refunds and tax incentives.
Traders are betting that with the former president returning to office, Musk and his companies will benefit from their close ties to Trump.
"We believe that TSLA and CEO Elon Musk may be the biggest winners of the election results," said Garrett Nelson, senior analyst at CFRA Research, in a report on Wednesday.
2. Larry Ellison
Wealth Growth: $11.7 billion
Net Assets: $220.8 billion
The wealth of Larry Ellison, co-founder and CTO of Oracle, increased by $11.7 billion as Oracle's stock price rose along with the broader technology sector. The stock closed up 5.5% on the day.
This increase brought Ellison's total net worth to nearly $221 billion, making him the third richest person on the global wealth list.
3. Warren Buffett
Wealth Growth: $7.6 billion
Net Assets: $147.4 billion
Famous investor Warren Buffett's net worth also increased by $7.6 billion on Wednesday, surpassing a total wealth of $147 billion.
This famous investor is the Chairman and CEO of Berkshire Hathaway, with the company's stock price soaring 5.4% during trading.
4. Jeff Bezos
Wealth Growth: $7 billion
Net Assets: $223.5 billion
Jeff Bezos' net worth increased by 7 billion US dollars, bringing his total assets to nearly 224 billion US dollars. This figure ranks him second only to Musk on the world's richest list.
Bezos' retail giant amazon performed well on Wednesday, rising by 3.8%, setting a historical new high of $207 per share.
5. Larry Page
Wealth growth: $5.3 billion
Net worth: $146.4 billion
With the stock price of Google's parent company reaching a historic high, Alphabet's co-founder Larry Page saw his wealth increase by $5.3 billion on Wednesday, with a total wealth of $146.4 billion.
Page resigned as CEO of the company in 2019, but remains a controlling shareholder, driving his wealth growth as Alphabet's stock price soared 4% on Wednesday, approaching its all-time high.
Alphabet is a leader in the ai field and Trump claims he prefers a 'hands-off' approach to ai, which aligns with his campaign promise to reduce regulation on companies, potentially increasing investors' optimism about Alphabet.
