One day after the U.S. election, some of the world’s billionaires became even richer, including Elon Musk, a campaign ally of Republican president-elect Donald J. Trump.
Elon Musk, CEO of Tesla, with his arms raised, at a campaign event for Donald Trump.
As of Wednesday’s market close, Musk, the world’s richest man, saw his wealth climb $26.5 billion to $290 billion from the prior day, according to the Bloomberg Billionaires Index.
The index provides individual calculations and analysis of net worth, which could include public and private assets, and cash, according to Bloomberg.
Some billionaires likely got a boost from Wednesday’s rally. The Dow Jones Industrial Average marked a historic post-election move after Trump gained enough electoral votes to win over Democrat candidate and Vice President Kamala Harris.
The Dow surged 3.6%, its largest post-election gain since 1896, according to Dow Jones Market Data. The S&P 500 rallied 2.5%, while the Nasdaq Composite climbed 3%. All three indexes finished with record closing highs.
The wealth of Jeff Bezos, who ranks second, increased $7.14 billion to $228 billion. Bezos—whose riches are largely driven by shares of Amazon.com—also owns the Washington Post, which he directednot to endorse a presidential candidatefor the first time since the mid-1970s. The Post’s editorial board reportedly was prepared to endorse Democrat Vice President Kamala Harris.
Mark Zuckerberg (No. 3) saw his wealth dip $80.9 million to $202 billion as Meta Platform’s stock dropped less than 1%. Zuckerberg’s wealth depends on the performance of Meta’s Facebook, which investors expect to slip as Trump’s Truth Social gains traction.
Larry Ellison, whose wealth stems from founding software giant Oracle, gained $9.88 billion to $193 billion.
At least on paper, Musk, the CEO of Tesla and owner of social media site X, has more than made up for the more than $118 million hespent promoting Trump’s campaign as of last month. Tesla’s stock jumped nearly 15% on Wednesday.
LVMH Moet Hennessy Louis Vuitton CEO Bernard Arnault, No. 5 on the list, didn’t fare as well, losing $2.85 billion overnight after a $272 million drop on Tuesday. LVMH’s luxury business is in aslumpas China consumers have scaled back spending. (Investors are awaiting China’s decision this week on a fiscal stimulus plan).
Among the top 10 billionaires, neither Microsoft founder Bill Gates (No. 6) nor the company’s former CEO, Steve Ballmer (who slipped one rank on the list to No. 10), endorsed a presidential candidate. Gates’ wealth rose by $1.82 billion to $159 billion and Ballmer’s rose $2.81 billion to $146 billion. Another billionaire who held back an endorsement: Warren Buffett (who rose one spot to No. 9). His wealth gained $7.58 billion to $148 billion on Wednesday.