World’s richest get richer after Trump election win

The Street

TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why giant screen TVs might be a hit this holiday season.

Transcript

00:00I'm Conway Gittins reporting from the New York Stock Exchange.

00:02Here's what we're watching on the streets today.

00:05Earnings season is giving optimism a boost.

00:07Lyft shares moved higher Thursday

00:09after the ride-hailing app beat quarterly forecasts

00:12and raised its full-year outlook.

00:15On the economic front, jobless claims

00:16rose slightly to 221,000.

00:20In other news, the world's richest

00:22are already benefiting from Donald Trump's re-election.

00:25Thanks to a boom in the stock market Wednesday,

00:28the top 10 richest people grew $64 billion

00:31richer in just one day.

00:34According to the keepers of the Bloomberg Billionaire Index,

00:37that's the biggest single-day surge in wealth

00:39since tracking began in 2012.

00:42Elon Musk was the biggest winner.

00:44The outspoken Trump supporter saw his stock market wealth

00:46surge $26.5 billion to $290 billion.

00:51Most of that came from the double-digit surge

00:54in Tesla's stock price.

00:55Amazon founder Jeff Bezos saw his wealth

00:58climb by $7.1 billion.

01:00In the closing weeks of the election,

01:02Bezos, who owns The Washington Post,

01:04ordered the paper to throw out a planned endorsement of Vice

01:07President Kamala Harris.

01:08Larry Ellison, co-founder of software company Oracle,

01:11grew $5.5 billion richer on Wednesday.

01:15Ellison is on record as a Trump supporter.

01:18Even the billionaires whose political sensibilities

01:21lean away from Trump benefited from the so-called Trump

01:25rally.

01:25Warren Buffett, Bill Gates, and Google co-founders Larry Page

01:29and Sergey Brin all saw their net worth increase.

01:33Crypto billionaires also fared well.

01:36Brian Armstrong, the head of crypto exchange Coinbase,

01:39saw his wealth surge 30% to $11 billion.

01:43One billionaire who was not invited to the party?

01:46Facebook CEO Mark Zuckerberg.

01:48His wealth stayed the same at $202 billion.

01:52That'll do it for your daily briefing from the New York

01:54Stock Exchange.

01:55I'm Conway Gittins with The Street.

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