Wealth of the World's Richest Surges Following Trump's Reelection Victory
November 7, 2024, 4:01 pm

Wealth of the World's Richest Surges Following Trump's Reelection Victory

تويتر وماسك \ تعبيرية \ متداول

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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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has sponsored the BuildHer CityHack 2025 Hackathon, a two-day event spearheaded by the College of Engineering and Technology at the Royal University for Women (RUW).
Aimed at secondary school students, the event brought together a distinguished group of academic professionals and technology experts to mentor and inspire young participants.
More than 100 high school students from across the Kingdom of Bahrain took part in the hackathon, which featured an intensive programme of training workshops and hands-on sessions. These activities were tailored to enhance participants’ critical thinking, collaborative problem-solving, and team-building capabilities, while also encouraging the development of practical and sustainable solutions to contemporary challenges using modern technological tools.
BENEFIT’s Chief Executive Mr. Abdulwahed AlJanahi, commented: “Our support for this educational hackathon reflects our long-term strategic vision to nurture the talents of emerging national youth and empower the next generation of accomplished female leaders in technology. By fostering creativity and innovation, we aim to contribute meaningfully to Bahrain’s comprehensive development goals and align with the aspirations outlined in the Kingdom’s Vision 2030—an ambition in which BENEFIT plays a central role.”
Professor Riyadh Yousif Hamzah, President of the Royal University for Women, commented: “This initiative reflects our commitment to advancing women in STEM fields. We're cultivating a generation of creative, solution-driven female leaders who will drive national development. Our partnership with BENEFIT exemplifies the powerful synergy between academia and private sector in supporting educational innovation.”
Hanan Abdulla Hasan, Senior Manager, PR & Communication at BENEFIT, said: “We are honoured to collaborate with RUW in supporting this remarkable technology-focused event. It highlights our commitment to social responsibility, and our ongoing efforts to enhance the digital and innovation capabilities of young Bahraini women and foster their ability to harness technological tools in the service of a smarter, more sustainable future.”
For his part, Dr. Humam ElAgha, Acting Dean of the College of Engineering and Technology at the University, said: “BuildHer CityHack 2025 embodies our hands-on approach to education. By tackling real-world problems through creative thinking and sustainable solutions, we're preparing women to thrive in the knowledge economy – a cornerstone of the University's vision.”