Ten businesspersons who increase their capital during Trump’s tenure
According to Forbes, Donald Trump’s presidency turned out to be a smashing success for US billionaires who managed to ramp up their capitals significantly after his election. Their total wealth was $2.9 trillion the day Trump was elected and in 2020 it was worth almost $1 trillion more.
The ten famous tycoons have been able to boost their income the most since Trump won the presidency. In four years, they became $490 billion wealthier than they were on election night 2016.
Jeff Bezos, the founder and CEO of Amazon, takes the first place on the list of the wealthiest people in the US. His fortune reaches $189 billion. Over the past four years, the capital of Mr. Bezos has surged by $121 billion, while Amazon shares have soared by more than 300%. In 2016, he even managed to overtake Warren Buffett. Bezos could do even better if not for the costliest divorce with Mackenzie Bezos, who received a 25% stake in her husband's company.
The second place on the list of billionaires goes to Elon Musk. His fortune totals $90 billion. From 2016 to 2020, his income rose by $70 billion. Importantly, until 2017, the founder and CEO of popular electric car manufacturer Tesla served on Trump advisory councils but stepped down in 2017. In 2016, the market value of Tesla was estimated at $28 billion. Today it is worth nearly $400 billion, more than any other car manufacturer in the world. Such a spike was due to a sharp increase in shares and large-scale payments under the compensation plan for harmful emissions. Musk also launched another venture, The Boring Company, to build a network of underground transportation tunnels. His private spaceflight firm SpaceX raised more than $3,8 billion.
Steve Ballmer, Microsoft’s former CEO, occupies third place in this rating. His fortune amounts to $73 billion. Over the past four years, it has multiplied by $44 billion amid a rise in the company's shares by more than 250%, as well as several successful investments, e.g. in the Los Angeles Clippers, which is valued at $2.6 billion.
Mark Zuckerberg, the Facebook co-founder, takes the fourth place in the rating of US billionaires. It has been a tumultuous four years for Zuckerberg as he has been able to boost his capital to $96 billion. Zuckerberg’s wealth has risen by $44 billion since Election Day 2016. The company's tremendous success has not been clouded by criticism and attacks from both Republicans and Democrats. Currently, Facebook shares are up 110%.
The fifth place on this list is taken by Dan Gilbert, Quicken Loans founder, whose fortune is worth $44 billion. In 2016, Gilbert's capital skyrocketed by $39 billion thanks to extremely low interest rates on new mortgages. He raised an additional $33 billion when he opened Rocket Companies, with a market capitalization of $36 billion.
Bill Gates, the legend of the IT sphere, is in sixth place among American billionaires. His fortune is worth $117 billion. In 2016, he earned $35 billion amid the strong equity market that boosted the value of his investment portfolio. Notably, he left the post of Microsoft CEO to focus more on his philanthropic efforts. His Bill & Melinda Gates Foundation has committed to spending more than $350 million to fund vaccines, drugs, and tests for COVID-19.
The seventh, eighth, and ninth lines in the ranking of the wealthiest people in the United States are occupied by the Waltons – the heirs to the Walmart fortune. Since the election day, they have grown significantly richer, increasing their capital thanks to the growth of Walmart stocks by 105%. Nowadays, Alice Walton's fortune is estimated at $67 billion (+ $33 billion), her brother Jim Walton's capital is also worth $67 billion (+$32 billion), and second brother Rob Walton's fortune comes in at $66 billion (+$32 billion).
Oracle chief Larry Ellison whose wealth amounts to $79 billion closes the list. From 2016 to 2020, Silicon Valley billionaire gained $30 billion. The company won approval from the Trump administration to store data for the popular Chinese video app TikTok on its cloud platform. Speaking about Trump with Forbes, Larry Ellison said, “We only have one president at a time. I do not think he is the devil—I support him and want him to do well.”