The wealth of some of the world’s richest individuals soared on Wednesday, following Donald Trump’s victory in the presidential election.
With expectations that Trump will embrace both cryptocurrency and corporate tax cuts, several billionaires saw their fortunes jump significantly.
Elon Musk, Tesla’s CEO and a major Trump supporter, gained nearly $21 billion, bringing his net worth to $285.6 billion. Tesla’s stock surged almost 15% to $288.53 per share, marking its highest price this year. Meanwhile, Amazon founder Jeff Bezos’ net worth rose by $7 billion to $223.5 billion as Amazon shares gained 3.8%, securing his position as the world’s second-wealthiest person.
Oracle co-founder Larry Ellison’s wealth increased by nearly $12 billion, reaching $220.8 billion and closing the gap between him and Bezos on the billionaire list. Warren Buffett’s fortune also rose by $7.6 billion, hitting $147.4 billion, as Berkshire Hathaway’s stock climbed over 5%.
Cryptocurrency executives saw notable gains as well. Coinbase CEO Brian Armstrong’s net worth grew by $2.6 billion to $11 billion after a 31% surge in Coinbase shares. Robinhood co-founders Vlad Tenev and Baiju Bhatt also benefited, each gaining nearly $300 million as the platform’s shares jumped 20%.
Bitcoin reached a record high, soaring past $76,000, with investors anticipating favourable crypto policies under Trump’s administration.
[Image created via MidJourney]