EBN- The wealth of the world’s 10 richest people increased by about $64 billion, after Republican candidate Donald Trump was declared the winner of the US presidential race on Wednesday, over his Democratic rival Kamala Harris.
According to the Bloomberg Billionaires Index , the fortune of American billionaire Elon Musk, the richest person in the world and one of Trump’s biggest supporters, jumped by about $26.5 billion to reach $290 billion.
The wealth of Amazon founder and Washington Post owner Jeff Bezos has increased by nearly $7.1 billion, a week after he decided to end a decades-long tradition at his newspaper of endorsing a candidate in the US presidential election.
Oracle founder Larry Ellison, also a Trump supporter, saw his fortune increase by $5.5 billion, and the Republican candidate’s victory also boded well for former Microsoft CEOs Bill Gates and Steve Ballmer.
The fortunes of former Google CEOs Larry Page and Sergey Brin, and Berkshire Hathaway CEO Warren Buffett, also increased.
Truth Social
For its part, the Trump Media and Technology Group, which owns the Truth Social platform, benefited from a significant increase in the value of its shares, after the American media predicted that Trump would win the election race.
Bloomberg described this increase in wealth as “the largest daily increase in wealth” since the agency launched the index in 2012.
However, Trump’s election victory has raised significant doubts about the outlook for the US economy and the potential impact of that victory on Federal Reserve policies in the coming months.
During his campaign, Trump promised to impose tough tariffs on U.S. trading partners, deport millions of illegal immigrants, and expand the tax cuts he passed in 2017. Many estimates show that these policies, if implemented, could raise prices and wages and deepen the federal deficit.
