Top 10 billionaires make nearly $64B in post-Trump election stock surge
- Reference: 1731011414
- News link: https://www.theregister.co.uk/2024/11/07/top_10_billionaires/
- Source link:
According to the [1]Bloomberg Billionaires Index , the top 10 wealthiest people on the planet saw a total increase of nearly $64 billion in their combined net worth yesterday, with Elon Musk the biggest winner, adding $26.5 billion to his personal fortune of $290 billion.
Larry Ellison made nearly $10 billion over the day, and Oracle itself is likely to benefit from the new administration in terms of contracts.
[2]
Only two of the top 10 billionaires lost money during the boom. Bernard Arnault, chairman and CEO of luxury goods empire LVMH, saw his net worth fall $2.85 billion, after already being down $34.3 billion over the past year. As the only non-techie in the top 10 list, he has only $173 billion in net worth to fall back on.
[3]
[4]
But the surprising other loser was the third-richest man on the top 10 list (and they're all men - Alice Walton is currently the highest-ranked woman on the list, at 16th) is Metaverse enthusiast Mark Zuckerberg.
[5]Trump threatens to send Meta's Mark 'Zuckerbucks' to prison if reelected president
[6]Musk, Bezos need just 90 minutes to match your lifetime carbon footprint, says Oxfam
[7]If Trump gets elected, get your tech buying done asap
[8]Founder of Indian ride-share biz Ola calls for 70-hour work week
Zuck is down $80.9 million on the day, though that's a small dent in his $202 billion fortune. Meta's shares were up but he has other investments, and the president-elect isn't a fan of the Facebook founder and [9]has threatened to have "Zuckerbucks" imprisoned over perceived election fraud.
Here's the top 10 in full:
1. Elon Musk $290 billion, up $26.5 billion.
2. Jeff Bezos $228 billion, up $7.14 billion.
3. Mark Zuckerberg $202 billion, down $80.9 million.
4. Larry Ellison $193 billion, up $9.88 billion.
5. Bernard Arnault $173 billion, down $2.85 billion.
6. Bill Gates $159 billion, up $1.82 billion.
7. Larry Page $158 billion, up $5.53 billion.
8. Sergey Brin $149 billion, up $5.17 billion.
9. Warren Buffett $148 billion, up $7.58 billion.
10. Steve Ballmer $146 billion, up $2.81 billion.
Amazon founder Jeff Bezos (second on the list at $228 billion) [10]quickly praised Trump after the election win was announced. Apple's Tim Cook was [11]encouraging too , [12]as did Microsoft's Satya Nadella, Google's Sundar Pichai [13]joined the praise party for Trump as well.
Incidentally, those last three don't even make it to the top 500 richest people on the planet - which shows the difference between being a founder and being the hired help.
Overall, the top 10 have seen their collective net worth increase by $346.3 billion year-on-year, even accounting for Arnault's $34.3 billion loss over the last 12 months. ®
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[1] https://www.bloomberg.com/billionaires/
[2] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_offbeat/front&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=2&c=2Zy1GljK4FuHbq-6fef4TaQAAAMk&t=ct%3Dns%26unitnum%3D2%26raptor%3Dcondor%26pos%3Dtop%26test%3D0
[3] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_offbeat/front&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=4&c=44Zy1GljK4FuHbq-6fef4TaQAAAMk&t=ct%3Dns%26unitnum%3D4%26raptor%3Dfalcon%26pos%3Dmid%26test%3D0
[4] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_offbeat/front&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=3&c=33Zy1GljK4FuHbq-6fef4TaQAAAMk&t=ct%3Dns%26unitnum%3D3%26raptor%3Deagle%26pos%3Dmid%26test%3D0
[5] https://www.theregister.com/2024/07/11/trump_zuckerberg/
[6] https://www.theregister.com/2024/10/30/tech_billionaires_carbon_footprint/
[7] https://www.theregister.com/2024/11/01/us_trump_tariff/
[8] https://www.theregister.com/2024/07/09/ola_founder_70_hour_weeks/
[9] https://www.theregister.com/2024/07/11/trump_zuckerberg/
[10] https://x.com/JeffBezos/status/1854184441511571765
[11] https://x.com/tim_cook/status/1854225875002396860
[12] https://x.com/satyanadella/status/1854216231991271547
[13] https://x.com/sundarpichai/status/1854207788290850888
[14] https://whitepapers.theregister.com/
Re: ...collective net worth increase by $346.3 billion
Don't worry, tRump will look after that little problem for them.
Re: ...collective net worth increase by $346.3 billion
That's the main reason the stock market shot up - Trump has promised to further cut corporate taxes while Harris was going to raise them (though only halfway back to where they were before Trump took office the first time)
Funny money
It's always useful to remember that stocks aren't real money.
I had a friend who became quite wealthy (by most standards, though in a different league from Musk et al ) when they sold their startup to a major corporation.
They got their payout in stock.
The stock then proceeded to tank and never recover, thanks to incompetent management and economic head winds, and they ended up working for minimum wage in a shop.
As Roosta puts it in Part 7 of The Hitch-Hiker's Guide to the Galaxy , " I prefer hard cash. If you can't scratch a window with it I don't accept it. "
Re: Funny money
I recall watching a programme on the DOT COM crash - a guy decided to sell some stock and buy a house, he found it quite a difficult decision at the time, but he was sure glad he had when the crash came.
So Roosta wouldn't take a Triganic Pu then since they are made of rubber.
Re: Funny money
And besides " the Triganic Pu doesn't really count as money. Its exchange rate of six Ningis to one Pu is simple, but since a Ningi is a triangular rubber coin six-thousand, eight-hundred miles long each side, no one has ever collected enough to own one Pu. Niginis are not negotiable currency because the Galactibanks refuse to deal in fiddling small change. From this Basic premise it's very simple to prove that the Galactibanks are also the products of a deranged imagination. 1 "
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1 With thanks to both the late, great Douglas Adams, may his towel always be handy, and my partner, who got me a copy of the radio scripts and who, though she sometimes misplaces her towel, is a hoopy frood nonetheless.
Re: Funny money
If you get your payout in stock, and it has a lockup period, you needed a better lawyer to negotiate your deal. Now if you're selling to a startup you may have no choice because they don't have cash to give you and their stock isn't traded so it isn't easily sold, but if you sell to an established company there is no reason to accept both a stock deal and a lockup. Either have them pay you in stock you can sell immediately, or in cash that's held in escrow for the lockup period (e.g. if you're supposed to work for them for a while as part of the deal)
I knew someone who sold his startup to MCI in the heart of the dot com boom for $20 million, but it had a two year lockup. By the time it expired, the stock was worth less than $1 million.
The only good news we'll get this week
"apparently Mark Zuckerberg failed to cash in"
...collective net worth increase by $346.3 billion
They've heard of tax, right?