Top Billionaires make nearly $64B in post-Trump election stock surge

https://www.theregister.com/2024/11/07/top_10_billionaires/

by rntn • 2 years ago

24 60 2 years ago

Yesterday's stock market bounce after the election of Donald Trump has added billions to the pockets of the tech elite, although apparently Mark Zuckerberg failed to cash in.

I know Mark is trying to play nice but I just don't see a world where Meta gets along with this administration, Maybe if they can stay out of the news, but liberal movements better not go viral on instagram/threads or he's screwed. I think Mark is trying to be more firm about a libertarian approach to governance, and the administration is too fundamentally socially conservative, and I imagine it will be painful, because facebook is likely the size it is because of it's hands off approach. Any attempt to regulate Meta could probably dramatically impact it's userbase.

Terr_5• 2 years ago

I think it'll boil down to: "If you're really my friend, then what gift do you have for me today?"

Suitcases of bribe-cash aside, Zuckerberg/Meta will have a hard time balancing regular gifts with not alienating portions of the user-base.

Liquix• 2 years ago

The FB userbase is thoroughly alienated. Same thing is happening to the site formerly known as twitter. Same thing will happen to IG in the next five years. You can't make red line go up every quarter without showing more ads, taking more deals, promoting paid posts, etc and each change drives more users off the site. No one below a certain age uses FB anymore except to keep in touch

anon2912• 2 years ago

No one need hold any will towards these people. They worked hard and reap the reward, and we get to reap the rewards too. Woke up the last two days to lovely bounces in my portfolio.

rozap2• 2 years ago

ZIRP was great for my portfolio as well, we should do that again!

anon2912• 2 years ago

I'm sure someone will decide, but America's markets doing well is good for everyone. Not sure why this is controversial.

Terr_5• 2 years ago

That sounds a lot like the "I've got mine", just without the rude first-half.

leet_thow• 2 years ago

Nice leftist spin!

dgfitz• 2 years ago

The divide between the haves and the have-nots continues to grow. I imagine the general population on HN has 1 or more retirement/brokerage accounts, and odds are they got a bump in their accounts today.

A lot of people got no bump at all because they don't have a 401K/IRA/Brokerage account..

Edit: typo

2024user• 2 years ago

Mind boggling that musk is still so rich after buying twitter

legitster3• 2 years ago

A lot of his assets are still used as collateral for debts. I am not sure if these net worth calculators take into effect the liquidity of the wealth or how much of it is (essentially) mortgaged.

fsckboy6• 2 years ago

the reaction to Musk buying Twitter is such a marker of political class membership

htk• 2 years ago

What a way to make something good (stock market is up) into something bad.

o11c2• 2 years ago

"Stock market is up" is bad for most people. It means the effort they put into producing something didn't get paid to them, instead it got captured by a parasite. [this does not apply if wages increase proportionally, but they never do]

Now yes, if there is a real productivity boom that can be good both for people and the stock market, but otherwise they are uncorrelated.

fsckboy6• 2 years ago

that's not what "stock market is up" means. It means that expectations for the future have improved, and they improve for everybody, more work, higher paid work, more job security, etc.

standardUser3• 2 years ago

Trump's primary economic policies are to start the mother of all trade wars and conduct mass deportations, which would have a devastating impact on the domestic economy in general and American consumer spending in particular. The only reason markets are so excited is because they don't believe Trump will actually do either of those things, at least not to the extreme degree he has repeatedly threatened.

bitshiftfaced3• 2 years ago

Why do you think they would go up at all?

standardUser3• 2 years ago

Because they know for certain that Republican control means tax cuts remain and more tax cuts will come. It's the only priority Republicans routinely deliver on.

diob• 2 years ago

My take would be they are pricing in the likely currency expansion that Trump and his ilk will perform. Last time before the pandemic the money supply increased roughly 16% over four years.

Basically they're pricing in cheap money.

I'm guessing we'll have good stocks for a while, and then probably a bailout because of god knows what this time.

And in four years your money will be worth half again, so try to double your salary and savings. Hope I'm wrong but you know what they say about planning for the worst.

bluishgreen• 2 years ago

Why is this news? Also why is this hackernews! Stock markets bounce for hundreds of reasons and crash just as often. Are we going to be reading updates about Bezos's net worth every time it shifts because it seems like an excellent way to get clicks by playing into the crowd's rubbernecking instincts?

123yawaworht456• 2 years ago

don't ask questions, just be mad.

legitster3• 2 years ago

This is an extremely low effort post. It's just a stock market surge - a lot more than 10 people benefit from them, and they are not just tied to elections.

The market also tanked a few times during his previous presidency and no one was handing him laurels for reducing inequality when they happened, so it would be silly to do the inverse.

skhunted4• 2 years ago

It’s absurd that 10 people can make that much money in a couple of days. No one should have as much wealth as those 10 people do.

olddustytrail• 2 years ago

That's true, but you're not likely to get much support for such on a site that's basically built on capitalist ideals.

legitster3• 2 years ago

It is absurd, but also the miracle of modern wealth is that it's not a zero-sum game.

Even if you are in favor of redistributing wealth or ending extractive institutions, a rising tide raises all boats.

burningChrome• 2 years ago

Why do people always say its just billionaires who are making money now that Trump was elected? If you had money in the market, you won too.

Got a 401K?

Dabble in crypto?

Invested in Tesla?

Invested in ANY stocks?

You ALL won:

The Trump trade is soaring as bitcoin, dollar, bond yields surge https://markets.businessinsider.com/news/stocks/trump-trade-...

The benchmark 10-year Treasury yield climbed as much as 21 basis points to 4.48%, the highest since early July. The two-year yield — the most directly sensitive to Fed monetary-policy changes — gained nine basis points to reach 4.27%.

The Bloomberg Dollar Spot Index was up as much as 1.7%, the most in four years, hitting its highest level since November 2023. The greenback climbed against every G10 currency, including gains exceeding 1.7% against both the euro and yen.

The S&P 500, Dow Jones industrial average, and Nasdaq 100 climbed to fresh record highs.

Founder and CEO Elon Musk has been an outspoken Trump supporter. Shares of Tesla spiked as much as 15% on Wednesday on expectations the electric automaker will be a major beneficiary of Trump's presidential return.

Why is it we continually have to have this class warfare? Its not just the ultra wealthy benefiting here, its everybody. Whatever happened to the "rising tides lift all boats" mantra? Its like people can't seem to get out of their way with their hatred for a man who just by winning an election set the markets on fire again in a single day.

Isn't that GOOD thing regardless of what party he represents? Its just unreal people continually cannot see the forest for the trees.

milesward• 2 years ago

“Everyone” skips the ~83% of folks who have no exposure to any of these. Get clue.

mtalantikite• 2 years ago

I think because people see that the top 1% own 50% of stocks, so it's distributed unevenly.

orwin• 2 years ago

If you invested in private prison stocks, you've made +42%, even more than Tesla!

ben_w• 2 years ago

Whatever happened to the "rising tides lift all boats" mantra?

Even within the metaphor, most don't own boats, most of the boats aren't seaworthy, and most people can't swim.

chipsrafferty• 2 years ago

Are you stupid? Most people don't have any money invested in anything.

datavirtue• 2 years ago

How is this posted here?

gpvos• 2 years ago

By the normal mechanisms, I assume.

bryanlarsen• 2 years ago

I don't understand the optimism driving the stock market. Tariffs and mass deportations and trade wars may be good for the American economy in the long term but even Elon Musk acknowledges that they are bad in the short term.

There's also no doubt that they are terrible for the global economy. These are global companies. They only make a small part of their profit in America. A boost in profit from America will be swamped by the loss of sales in Europe, Asia and elsewhere.

Then there's the spectre of retaliation. When Trump slaps on his tariffs, other countries are going to retaliate. When Trump put a tariff on steel, the EU retaliated with a tariff on American icons close to Trump's heart: Harley Davidson and Jack Daniels. This time I bet the number one target will be Twitter, with Amazon, Apple & Google not far behind.

And the economy is super fragile right now. It is in no position to withstand a trade war. The yield curve has been inverted for a record 2.5 years. Yield curve inversion has always been a signal for recession. Tariff-induced inflation will limit the ability of Fed to lower rates to compensate.

I'm selling. Luckily this insane bounce has made it much easier.

jgwil22• 2 years ago

I think the markets are just happy that it was a decisive outcome, so there's no risk of extended confusion and uncertainty, a J6-style uprising, or worse. If Harris had won decisively there would also have been a bounce.

Top Billionaires make nearly $64B in post-Trump election stock surge

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