Elon Musk, Larry Ellison, Warren Buffett, Jeff Bezos, and Larry Page saw their net worth surge on Wednesday as stocks rallied after the election. The five billionaires gained a combined $53 billion by the time the market closed. Investors seemed optimistic about the prospects of reduced regulation and lower taxes leading to higher corporate profits.
Musk’s wealth increased by $20.9 billion, further solidifying his position as the richest person in the world with nearly $286 billion. Ellison gained $11.7 billion as Oracle shares rallied with the broader tech sector. The stock ended the day 5.5% higher, bringing his total net worth to almost $221 billion.
Buffett’s net worth increased by $7.6 billion, bringing his total wealth to over $147 billion.
Billionaires’ gains post-election rally
Berkshire Hathaway, which he leads as chairman and CEO, saw its shares soar 5.4%.
Bezos added $7 billion to his net worth, bringing his total to nearly $224 billion. This positions him second only to Musk on the list of the world’s wealthiest individuals. Amazon, Bezos’s retail powerhouse, rose 3.8% to trade at an all-time high of $207 per share.
Page gained $5.3 billion, bringing his total wealth to $146.4 billion. Shares of Alphabet, the parent company of Google, rose towards record highs on Wednesday. Page, who stepped down as CEO in 2019 but remains a controlling shareholder, benefited as Alphabet’s stock soared 4%.
These billionaires saw significant increases in their net worth as markets reacted positively to the election results, anticipating an environment of reduced regulation and lower taxes that could drive higher corporate profits.
