The wealth of the 10 richest people in the world – a list dominated by US tech billionaires – increased by a record amount after Donald Trump’s victory in the presidential election, according to a widely cited index.
The Bloomberg Billionaires Index estimated that the world’s 10 wealthiest people gained nearly $64bn (about £49.5bn) on Wednesday, the largest daily increase since the index began in 2012.
Elon Musk, the world’s richest person, registered the largest increase with a $26.5bn addition to his fortune, which now stands at $290bn. The prominent backer of Trump’s campaign, benefited from a surge in the share price of Tesla, the electric carmaker where he is chief executive and in which he owns a 13% stake.
And this is only to begin with.
I don’t see in the article what percentage of this increased ‘value’ was actually spent on stocks. It seems such a house of cards to say the unrealised value of retained holdings is worth anything like the figure you get if applying the most recent trade’s value to all existing shares. A value beyond a percentage of the company’s assets and projected yield makes for a pretty risky game of hot potato for anyone buying in at the end and the potential for ridiculously overblown paper losses for anyone who got in at the start of the pyramid scheme with knock-on effects that propagate out to the real economy through the contagion of doomsaying. Bonds are a far more transparent way of raising funds and incentivise productive endeavours with good fundamentals as the company needs to pay from profits rather than offloading rewards to the system of finding another sucker (which can happen with bonds as well if sold before maturity in the belief that the issuer will be unable to fulfill their promise).
Trickle down aaaaanny day now …
So Musk’s investment in election interference of what, a million bucks a day? towards bribing people to vote now looks like an utter pittance relative to what he made back in just one day.
Of course these guys know that investing in elections has a good ROI.
For added perspective: spending a million as a billionaire is the same as spending $1 when you have $1000 in your bank account.
It is utterly meaningless.
Especially if you did it only 45 times or so at $45 invested and got $26,500 back a day after the election
600,000 people diagnosed with terminal cancer each year in the US. 800 billionaires. Just saying, they will likely die before they even get sentenced. And it’s entirely likely the billionaires own or supported companies that caused that cancer in the first place, or supported medical systems that didn’t allow people to properly be screened or treated for cancer.
It’s like if Walter White wanted to help others
Thats the problem with Anarchy is they have resources and you don’t so in open warfare they win every time.
You could try to form a large organization pooling resources for a specialized fighting force but…
Oh look, half of the USA just voted alongside the Billionaires. Looks like we’re outnumbered.
Total net worth of top 10 richest is ~$1.6 trillion: https://ceoworld.biz/2024/03/15/richest-people-in-the-united-states-2024/
That makes a net worth increase of $64 billion an increase of ~4%…which is the same amount the S&P 500 is up over the past few days.
“Stock market surges following Trump’s victory and billionares’ stocks go up the same amount as everyone else’s” just doesn’t make as good a headline, huh?
This is a big pile of nothing, nice job taking the clickbait and spreading it. The outrage farmers thank you.
The cool thing is, my statement still works no matter how much or how little their net worth increases. Billionaires should not exist. The world would be better without them.
Thank goodness, they were having such a rough time of it
Guy making $8/hr: the economy is better now
Dems for decades failed to properly address social inequality, while proudly parading their politically correct talk about “communities”, “affirmative action” etc. This is a feel-good talk for their white middle-class demographics, while actual people in actual “communities” felt like animals in a zoo with a bunch of aliens around them figuring out what’s the best name to call them. At the same time no meaningful change ever happened.
Trump won Latino votes in Miami. Just think about how much distrust the other side must have built.
Stop blaming the voters. Look into the mirror and ask yourself how could this have happened.
What’s really funny about Trump winning Latino votes in Florida is that when surveyed, they went Trump for “the economy”. So… my comment stands.
But yes as a Canadian, the results of the US election and the performance of the Democratic party are things I’ll personally need to “look in the mirror” about.
Alternatively, I can appreciate how dumb American voters are, as 70 million of them vote to actively make their lives much worse. <3
Any day now eggs will go back to costing what they did in 1992…
I agree with this take. It’s like people have the grocery prices from when they first started living on their own seared into their brains.
Don’t call me out like that…
what was that? like $4?
Don’t worry. It will trickle down any day now.
Like piss, right?
Right?
Piss trickling down on us would be an improvement
I guess it’s slightly better than the old “Horse and Sparrow” name which implies “Eat shit and like it”.
Like being on level 250 of the Platform.
I was about to tell you about this movie called El Hoyo that was similar to your comment and then I realized we’re talking about the same thing I just watched it in Spanish. lol
That’s where that comes from, yes.
$ 214 per person
oh right. goodbye, biden’s billionaire tax.
Good, these poor poor billionaires need more. I mean it’s a goddamn travesty they aren’t trillionares!
Geez people how fucking greedy do you need to be to accept a paycheck from these people when working for them? Can’t you just be charitable for once and help them become decillionares?
I swear we’re so greedy.
This is what the American people voted for. They voted to give their money away to people who don’t need it.
We’ve been warning people of this for more than 8 years now, trying to soften the blow. At some point we gotta realize that protecting these people might not actually be helping, it might just be enabling the grift by providing convenient cover.
Maybe we ought to just step aside and let these voters suffer the full consequences of their actions. Democrats need to learn that unlike them, many people only learn about consequences by experiencing them.
Sure, many others who voted against will suffer the consequences too. What are we going to do about it? This is how democracy is designed to work.
Yup. We all vote on the meal we will eat and lots of folk don’t like the week old pumpernickel so won’t vote for it and for some reason lots of folks like to vote for the dogshit with ground glass mixed into it because they think its funny to watch other people eat it.
for some reason lots of folks like to vote for the dogshit with ground glass mixed into it because they think its funny to watch other people eat it.
The majority of the political videos showing up on my YouTube feed after the election was just right wingers laughing at “the left.”
Their whole identity is hating others.
Interesting they all of a sudden have absolutely zero concerns that our “deep state” will roll in any second now to undo the election
Trump on election night: “MASSIVE FRAUD IN PENNSYLVANIA, POLICE INCOMING!”
He wins big: “teehee, what fraud? I never said that.”
Keep pulling and the rope is gonna break, sooner or later
$64bn so far.
Because of course it fucking did.
We’re just being kicked while we’re already down. The idiots who voted for him don’t realize they’re in the ground with us.
