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The world’s richest people saw huge capital gains as stocks rallied after the election on Wednesday.
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The biggest winners include Elon Musk, Larry Ellison and Warren Buffett.
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Stocks soared to records after Trump’s victory as markets see an era of looser regulations and lower taxes coming.
The world’s richest people saw huge gains in their wealth on Wednesday as markets cheered the outcome of the 2024 election.
Elon Musk, Larry Ellison, Warren Buffett, Jeff Bezos and Jensen Huang saw their wealth soar on Wednesday, driven by massive stock gains after former President Donald Trump sailed to victory in the presidential election.
Together, the billionaires made nearly $53 billion by the time the market closed Wednesday. Their gains have been driven by euphoric stock investors, who see a coming era of less regulation and lower taxes, leading to higher corporate profits.
These were the biggest wealth gainers on Wednesday, according to Forbes’ real-time billionaires list.
Daily Capital Gain: $20.9 billion
Net worth: $285.6 billion
Tesla CEO Elon Musk saw his wealth increase by $20.9 billion on Wednesday, further cementing his spot as the world’s highest net worth person with nearly $286 billion.
The billionaire’s wealth is tied to his stake in his many companies, mainly Tesla and SpaceX. His gains on Wednesday came as Tesla shares rose nearly 15% even as other EV stocks sold off on fears that Trump will pull back on Biden-era rebates and tax breaks.
Traders are betting that both Musk and his company will benefit from close ties with Trump if the former president returns to power.
“In our view, TSLA and CEO Elon Musk may be the biggest winners from the election results,” CFRA Research senior analyst Garrett Nelson said in a Wednesday note.
Daily Capital Gain: $11.7 billion
Net worth: $220.8 billion
Larry Ellison, Oracle’s founder and chief technology officer, made $11.7 billion as Oracle’s stock rallied with the broader technology sector. The stock ended the day 5.5% higher.
Those profits bring Ellison’s total wealth to almost $221 billion, putting him third on the list of the richest people in the world.
Daily Capital Gain: $7.6 billion
Net worth: $147.4 billion
Famed investor Warren Buffett also saw $7.6 billion added to his fortune on Wednesday, bringing his total wealth to more than $147 billion.
The famous investor is the chairman and CEO of conglomerate Berkshire Hathaway, which saw its shares rise 5.4% during the session.
Daily Capital Gain: $7 billion
Net worth: $223.5 billion
Jeff Bezos added $7 billion to his fortune, bringing the total to almost $224 billion. That amount puts him second after Musk on the list of the world’s richest individuals.
Bezo’s retail giant Amazon saw notable moves on Wednesday, rising 3.8% to trade at a record high of $207 per share.
Daily Capital Gain: $5.3 billion
Net worth: $146.4 billion
Alphabet co-founder Larry Page earned $5.3 billion on Wednesday, taking his total wealth to $146.4 billion, as shares of the Google parent company soared to record highs.
Page stepped down as CEO of the company in 2019 but is still a controlling shareholder, fueling his capital growth as Alphabet shares rose 4% to near record highs on Wednesday.
Alphabet, a leader in AI, could see increasing optimism among investors following Trump’s claim that he prefers a “hands-off” approach to AI, which would be in line with his promises campaign about less regulation for companies.
Read the original article on Business Insider
