Date: 2025-01-04 Page is: DBtxt003.php txt00027663
US ELECTION
NY STOCK MARKET REACION
Trump Win Sparks Record $64 Billion Gain for World’s 10 Richest People
Elon Musk, Jeff Bezos and Larry Ellison among top gainers
NY STOCK MARKET REACION
Trump Win Sparks Record $64 Billion Gain for World’s 10 Richest People
Elon Musk, Jeff Bezos and Larry Ellison among top gainers
Original article: https://www.bloomberg.com/news/articles/2024-11-07/trump-s-election-win-supercharges-net-worth-of-world-s-richest-by-64-billion
Peter Burgess COMMENTARY
The New York stockmarket surge on Wednesday, November 6th 2024 sas the biggest ever! Apparently, rich owners of stocks were relieved that Donald Trump was elected rather than Kamala Harris ... and maybe for good reason.
For most people ... ordinary people ... there have been a number of economic trends over recent years that have made economic life more difficult ... including prices for food, energy, housing and essentially everything.
But US GDP has gone up ... the economy is considered very strong, in fact, too strong ... the New Yorl stock market is at record highs.
This is only possible when there is inequality ... with the 'top' doing very very well and the 'rest' struggling.
In my view, the US media is deeply complicit in the enabling of inequality in the USA. US media ownership is mainly corporate ownership where profit performance is the one and only important measure of success. Objective reporting is not compatible with profit maximisation and it is evident that a lot of journalists have been silenced because of this.
Academics are complicit as well. Economic academics I knew at Cambridge as a young student were on a path to eliminating GDP as one of the dominant measures of economic performancethar were than 60 years ago ... but it is still being used and remains as flawed as ever.
Peter Burgess
Elon Musk, Jeff Bezos and Larry Ellison among top gainers
US stocks surged, dollar gained on US election result
Will Musk's Bet on Trump Pay Off?
By Filipe Pacheco and Diana Li — With assistance from Pui Gwen Yeung and Jack Witzig
November 6, 2024 at 11:00 PM EST ... Updated on November 6, 2024 at 11:52 PM EST
The fortunes of the ten richest people in the world surged by a daily record as Donald Trump won a second term as president.
'America First' Sweeps Wall Street, Powell In Trumps World & BOE Set to Cut Rates
19:32 Listen to the Bloomberg Daybreak Europe podcast on Apple, Spotify or anywhere you listen.
The net worth of billionaires led by Tesla Inc.’s Elon Musk, the world’s wealthiest person, surged by $63.5 billion on Wednesday, according to the Bloomberg Billionaires Index. Musk alone added $26.5 billion to his pot. Amazon.com Inc.’s Jeff Bezos and Oracle Corp.’s Larry Ellison were also among the top gainers. It’s the biggest daily increase since Bloomberg’s wealth index began in 2012.
Top Ten Richest Get Richer After Trump's Win
Source: Bloomberg Billionaires Index
Much of the gains for the ultra-rich come down to a surge in US stocks, underscoring bets that Trump, on his return to the White House, will implement an agenda favoring lower taxes and less regulation. The S&P 500 jumped 2.5% in the best post-election performance in history, while the US dollar also gained.
“US financial assets, especially equities and the US dollar, should experience a boost,” Lombard Odier’s Samy Chaar, chief economist and CIO for Switzerland, and Luca Bindelli, head of investment strategy, wrote in a note to the wealth manager’s clients.
- Trump Goes Back To Butler Assassination Site To Bolster Campaign
- Elon Musk with Donald Trump.Photographer: Justin Merriman/Bloomberg
- Only one of the world’s top ten richest is based outside of the US; Bernard Arnault, the chairman of LVMH.
Apart from Musk, other top gainers are crypto billionaires. Brian Armstrong, co-founder and CEO of crypto exchange Coinbase Global Inc, saw his net worth soar 30% to $11 billion. Changpeng Zhao, founder of Binance, the world’s largest crypto exchange, added $12.1 billion following the election, boosting his net worth to $52.7 billion.
Read more:
- More Trump Tariffs Are Coming But CEOs Insist They Are Prepared
- Musk Is About to Find What $130 Million for Trump Gets Him (2)
- S&P 500 Sees Best Post-Election Day in Its History: Markets Wrap
(Adds value of Musk’s wealth gain in second paragraph)