Stock markets reacted to the election with stocks rising as investors anticipated tax cuts and fewer business regulations under Trump.
After Republican Donald Trump declared victory in the US election, billionaires increased their wealth by another $63.5 billion thanks to the growth of the stock market and crypto assets. Bloomberg reported this.
Trump’s victory has a huge impact on the net worth of the world’s ten richest people. Their combined wealth increased by $63.5 billion in one day. American businessman and developer Elon Musk became the richest, earning $26.5 billion Musk actively supported Trump during the election campaign, and is now being considered for an official post in the new administration.
Other big beneficiaries include Jeff Bezos, who stopped the Washington Post from endorsing Kamala Harris. His capital grew by $3.2 billion Oracle owner Larry Ellison and famous investor Warren Buffett also gained $5.4 billion each.
Stock markets reacted to the election with stocks rising as investors anticipated tax cuts and fewer business regulations under Trump.
In addition, Trump’s campaign promises to create a “crypto capital” that has contributed to the growth of fortunes of crypto billionaires. In particular, Coinbase co-founder Brian Armstrong increased his capital by 30%, reaching $11 billion, while Binance founder Changpeng Zhao got an additional $12.1 billion, increasing his wealth to $52.7 billion.
Remember that Republican candidate Donald Trump won the US presidential election. The total number of votes for Trump reached the 270 required for victory.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.