Election Aftermath: Billionaires Reap Huge Rewards
The 2024 presidential election has resulted in a massive windfall for the world’s richest individuals. As stock markets surged to record highs, billionaires like Elon Musk, Larry Ellison, and Warren Buffett saw their net worth skyrocket.
A New Era of Prosperity?
Markets are betting on a period of looser regulation and lower taxes under the new administration, driving corporate profits higher. This optimism has led to a surge in stock prices, with the tech sector being a major beneficiary.
The Big Winners
Elon Musk, CEO of Tesla, saw his wealth jump by a staggering $20.9 billion, cementing his position as the richest person on the planet with a net worth of nearly $286 billion. His company’s stock rose almost 15%, despite concerns about the potential rollback of Biden-era rebates and tax incentives for electric vehicles.
Tech Titans Rejoice
Larry Ellison, founder and chief technology officer of Oracle, gained $11.7 billion as Oracle shares rallied with the broader tech sector. His net worth now stands at almost $221 billion, making him the third-richest person in the world.
Investment Guru Sees Gains
Warren Buffett, the legendary investor and chairman of Berkshire Hathaway, added $7.6 billion to his net worth, bringing his total wealth to over $147 billion. Berkshire Hathaway’s shares soared 5.4% in the session.
Retail Royalty
Jeff Bezos, the founder of retail giant, saw his net worth increase by $7 billion, reaching nearly $224 billion. His company’s stock rose 3.8% to trade at an all-time high.
Alphabet’s AI Advantage
Larry Page, cofounder of Alphabet, gained $5.3 billion, bringing his total wealth to $146.4 billion. Alphabet’s stock rose 4% on Wednesday, nearing all-time highs, as investors bet on the company’s AI leadership and potential benefits from a “hands-off” approach to regulation.
In total, these billionaires gained almost $53 billion by the end of the trading day on Wednesday, solidifying their positions as the world’s richest individuals.
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