Donald Trump’s victory proved very profitable for the 10 richest men in the world, who saw their fortunes rise sharply by $88.13 billion the day after the US election.
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According to the Bloomberg index, the fortunes of billionaires increased by 63.5 billion US dollars during the day on Wednesday. The richest man in the world, Elon Musk, alone made earnings of $36.7 billion (US$26.5 billion). Mr. Musk had actively campaigned for the election of the Republican candidate.
Amazon and Oracle owners Jeff Bezos and Larry Ellison are also among the people who have benefited the most from Donald Trump’s return to the White House.
These gains are largely explained by a rise in the value of American stocks, in reaction to Donald Trump’s program which favors lower taxes and reduced regulation.
The S&P 500 jumped 2.5%, the largest post-election gain in history. The value of the US dollar has also increased.
Good day for crypto
The election of Donald Trump also benefited some cryptocurrency moguls, facing the prospect of a more permissive regulatory environment for virtual currencies with the former president’s return to power.
Binance founder Changpeng Zhao saw his fortune explode by $16.65 billion (US$12 billion) on Wednesday to reach $73.5 billion (US$53 billion), an increase of 30%. Mr. Zhao owns about 90% of the largest cryptocurrency exchange.
Coinbase CEO Brian Armstrong made $3.6 billion (US$2.6 billion) in profits the day after Donald Trump’s victory.
Furthermore, the value of Bitcoin, the most famous cryptocurrency, reached a record high of around 75,000 US dollars. Ethereum, Solana, Ripple, Dogecoin and other tokens also surged after the former president’s re-election.
