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Wealth of the World's Richest Surges Following Trump's Reelection Victory
The fortunes of the world's top 10 wealthiest individuals rose to a record daily high with Donald Trump's victory for another term as President of the United States against his Democratic rival, Kamala Harris.
The net worth of billionaires, led by Elon Musk of Tesla, the richest person in the world, increased by $63.5 billion on Wednesday, according to the Bloomberg Billionaires Index. Musk alone added $26.5 billion to his financial portfolio. Jeff Bezos of Amazon and Larry Ellison of Oracle were also among the biggest winners. This marks the largest daily increase since the Bloomberg wealth index began in 2012.
Much of the wealth accumulated by the ultra-rich is attributed to rising U.S. stock prices, reinforcing bets that Trump, upon returning to the White House, will implement a tax-cutting agenda.
The S&P 500 index surged by 2.5%, marking the best post-election performance in history, while the U.S. dollar also rose.
In addition to Musk, other significant winners included billionaires in the cryptocurrency sector.
The net worth of Brian Armstrong, co-founder and CEO of Coinbase Global Inc., increased by 30% to $11 billion. Additionally, Changpeng Zhao, founder of Binance, the world's largest cryptocurrency exchange, added $12.1 billion post-election, boosting his net worth to $52.7 billion.
Donald Trump was elected President of the United States, surpassing the threshold of 270 electoral votes against Kamala Harris. The Republican candidate won in more than half of the fifty U.S. states, including Georgia, Pennsylvania, Michigan, and Wisconsin, which had voted for Democrats in the previous election.
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