- The world's richest people saw huge wealth gains as stocks rallied after the election on Wednesday.
- The biggest gainers include Elon Musk, Larry Ellison, and Warren Buffett.
The world's richest people saw huge gains in their net worth on Wednesday as markets cheered the outcome of the 2024 election.
Elon Musk, Larry Ellison, Warren Buffett, Jeff Bezos, and Jensen Huang saw their wealth soar on Wednesday, propelled by huge stock gains after former President Donald Trump sailed to victory in the presidential election.
Together, the billionaires gained over $55 billion by the time the market closed on Wednesday. Their gains were driven by euphoric stock investors, who see a coming era of less regulation and lower taxes driving higher corporate profits.
These were the top net-worth gainers on Wednesday, according to Forbes' real-time billionaires list.
1. Elon Musk
Daily wealth gain: $20.9 billion
Net worth: $285.6 billion
Elon Musk, the CEO of Tesla, saw his wealth surge by $20.9 billion on Wednesday, further solidifying his spot as the highest net-worth individual on the planet with nearly $286 billion.
The billionaire's wealth is tied to his stake in his many companies, primarily Tesla and SpaceX. His gain on Wednesday came as Tesla stock rose almost 15%, even as other EV stocks sold off amid fears Trump will pull back on Biden-era rebates and tax incentives.
Traders are betting both Musk and his company will benefit from close ties to Trump as the former president retakes office.
"In our view, TSLA and CEO Elon Musk are perhaps the biggest winners from the election result," CFRA Research senior analyst Garrett Nelson said in a Wednesday note.
2. Larry Ellison
Daily wealth gain: $11.7 billion
Net worth: $220.8 billion
Larry Ellison, the founder and chief technology officer of Oracle, gained $11.2 billion as Oracle shares rallied with the broader tech sector. The stock ended the day 5.5% higher.
That gain brings Ellison's total net worth to over $220 billion, putting him third on the list of the richest people in the world.
3. Warren Buffett
Daily wealth gain: $7.6 billion
Net worth: $147.4 billion
Famed investor Warren Buffett also saw $7.2 billion added to his net worth on Wednesday, bringing his total wealth to $147 billion.
The famed investor is the is the chairman and CEO of conglomerate Berkshire Hathaway, which saw its shares soar 5.55% in the session.
4. Jeff Bezos
Daily wealth gain: $7 billion
Net worth: $223.5 billion
Jeff Bezos added $5.5 billion to his net-worth, bringing the total to $222 billion. That amount puts him second only to Musk on the list of the world's wealthiest individuals.
Bezo's retail powerhouse Amazon saw notable moves on Wednesday, up almost 4% to trade at an all-time high of $207 per share.
5. Jensen Huang
Daily wealth gain: $4.9 billion
Net worth: $126.9 billion
Jensen Huang, CEO of Nvidia, gained about $5.3 billion to bring his total wealth to $127.4 billion on Wednesday as shares of his chip giant rose to a record high.
Nvidia stock gained 4% on Wednesday amid a wide-rangin tech rally that pushed the Nasdaq up 3%. The gain further solidified the chip maker's position as the most valuable company in the world after it overtook Apple on Tuesday.
The sector's gains come even as Trump has said he could curtail the Chips Act, which pledges to funnel billions into supporting US chip production.
Trump has also said, however, that he prefers a "hands-off" approach to AI, which would be in line with his campaign's promises of less regulation for corporations.