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World’s richest get richer after Trump election win
The Street
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11/7/2024
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.
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Sports
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00:00
I'm Conway Gittins reporting from the New York Stock Exchange.
00:02
Here's what we're watching on the streets today.
00:05
Earnings season is giving optimism a boost.
00:07
Lyft shares moved higher Thursday
00:09
after the ride-hailing app beat quarterly forecasts
00:12
and raised its full-year outlook.
00:15
On the economic front, jobless claims
00:16
rose slightly to 221,000.
00:20
In other news, the world's richest
00:22
are already benefiting from Donald Trump's re-election.
00:25
Thanks to a boom in the stock market Wednesday,
00:28
the top 10 richest people grew $64 billion
00:31
richer in just one day.
00:34
According to the keepers of the Bloomberg Billionaire Index,
00:37
that's the biggest single-day surge in wealth
00:39
since tracking began in 2012.
00:42
Elon Musk was the biggest winner.
00:44
The outspoken Trump supporter saw his stock market wealth
00:46
surge $26.5 billion to $290 billion.
00:51
Most of that came from the double-digit surge
00:54
in Tesla's stock price.
00:55
Amazon founder Jeff Bezos saw his wealth
00:58
climb by $7.1 billion.
01:00
In the closing weeks of the election,
01:02
Bezos, who owns The Washington Post,
01:04
ordered the paper to throw out a planned endorsement of Vice
01:07
President Kamala Harris.
01:08
Larry Ellison, co-founder of software company Oracle,
01:11
grew $5.5 billion richer on Wednesday.
01:15
Ellison is on record as a Trump supporter.
01:18
Even the billionaires whose political sensibilities
01:21
lean away from Trump benefited from the so-called Trump
01:25
rally.
01:25
Warren Buffett, Bill Gates, and Google co-founders Larry Page
01:29
and Sergey Brin all saw their net worth increase.
01:33
Crypto billionaires also fared well.
01:36
Brian Armstrong, the head of crypto exchange Coinbase,
01:39
saw his wealth surge 30% to $11 billion.
01:43
One billionaire who was not invited to the party?
01:46
Facebook CEO Mark Zuckerberg.
01:48
His wealth stayed the same at $202 billion.
01:52
That'll do it for your daily briefing from the New York
01:54
Stock Exchange.
01:55
I'm Conway Gittins with The Street.
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