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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.

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[-] uncertainty@lemmy.nz 2 points 33 minutes ago

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).

[-] JeeBaiChow@lemmy.world 5 points 3 hours ago

Trickle down aaaaanny day now ....

[-] nucleative@lemmy.world 20 points 10 hours ago

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.

[-] tb_@lemmy.world 2 points 2 hours ago* (last edited 35 minutes ago)

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.

[-] nucleative@lemmy.world 2 points 2 hours ago

Especially if you did it only 45 times or so at $45 invested and got $26,500 back a day after the election

[-] lemmy_get_my_coat@lemmy.world 9 points 11 hours ago

Thank goodness, they were having such a rough time of it

[-] notannpc@lemmy.world 78 points 17 hours ago
[-] LustyArgonianMana@lemmy.world 13 points 9 hours ago* (last edited 9 hours ago)

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

[-] finitebanjo@lemmy.world 12 points 11 hours ago

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.

[-] damnedfurry@lemmy.world -2 points 9 hours ago* (last edited 8 hours ago)

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.

[-] notannpc@lemmy.world 7 points 8 hours ago

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.

[-] Sam_Bass@lemmy.world 4 points 10 hours ago

$ 214 per person

[-] assaultpotato@sh.itjust.works 165 points 19 hours ago

Guy making $8/hr: the economy is better now

[-] maplebar@lemmy.world 48 points 17 hours ago

Any day now eggs will go back to costing what they did in 1992...

[-] nolannice@lemmy.world 21 points 14 hours ago

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.

[-] overload@sopuli.xyz 1 points 11 hours ago

Don't call me out like that..

[-] affiliate@lemmy.world 4 points 12 hours ago

what was that? like $4?

[-] YoYoMa@lemmy.today 126 points 20 hours ago

Don’t worry. It will trickle down any day now.

[-] HellsBelle@sh.itjust.works 39 points 20 hours ago
[-] thefartographer@lemm.ee 17 points 20 hours ago

Piss trickling down on us would be an improvement

[-] TexasDrunk@lemmy.world 5 points 16 hours ago

I guess it's slightly better than the old "Horse and Sparrow" name which implies "Eat shit and like it".

[-] dubyakay@lemmy.ca 7 points 17 hours ago

Like being on level 250 of the Platform.

[-] Mac@mander.xyz 3 points 9 hours ago

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

[-] Zorque@lemmy.world 7 points 19 hours ago

That's where that comes from, yes.

[-] Varyk@sh.itjust.works 42 points 19 hours ago

oh right. goodbye, biden's billionaire tax.

[-] Asafum@feddit.nl 56 points 20 hours ago

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.

[-] SkyNTP@lemmy.ml 30 points 18 hours ago* (last edited 18 hours ago)

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.

[-] HubertManne@moist.catsweat.com 6 points 17 hours ago

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.

[-] Asafum@feddit.nl 7 points 17 hours ago

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.

[-] fluxion@lemmy.world 4 points 14 hours ago

Interesting they all of a sudden have absolutely zero concerns that our "deep state" will roll in any second now to undo the election

[-] Asafum@feddit.nl 4 points 13 hours ago

Trump on election night: "MASSIVE FRAUD IN PENNSYLVANIA, POLICE INCOMING!"

He wins big: "teehee, what fraud? I never said that."

[-] Damage@feddit.it 12 points 16 hours ago

Keep pulling and the rope is gonna break, sooner or later

[-] blattrules@lemmy.world 30 points 20 hours ago

$64bn so far.

[-] Nyciferi@kbin.melroy.org 21 points 20 hours ago

Because of course it fucking did.

[-] Sanctus@lemmy.world 10 points 20 hours ago

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.

[-] lurch@sh.itjust.works 8 points 20 hours ago

On the stock markets (worldwide) it felt like someone held back the whole time and then started investing large sums.

I also immediatelty scrapped all my plans about buying US stock. Everything has to be reevaluated 😕

Maybe I'll have to reconsider my Taiwan investments, too.

[-] assaultpotato@sh.itjust.works 4 points 19 hours ago

Berkshire Hathaway had built up $300B in cash reserves - maybe Warren decided it was time to buy?

[-] Not_mikey@slrpnk.net 1 points 13 hours ago

Makes sense. You'd want to hold back on buying until the market becomes clearer.

[-] cygnus@lemmy.ca 5 points 20 hours ago

Elon looks like one of the pointing soyjaks in that pic.

[-] FartsWithAnAccent@fedia.io 5 points 20 hours ago

Must be nice...

[-] sirico@feddit.uk 3 points 19 hours ago

It was a mad jump in the markets and it still holding

this post was submitted on 07 Nov 2024
391 points (97.3% liked)

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