Trump’s Win Just Made the World’s Richest People a Whole Lot Richer

The rich are already adding to their wealth after Donald Trump’s election.

According to Bloomberg’s Billionaire Index, the world’s 10 richest people got even richer on Wednesday, collectively adding $64 billion to their coffers on the day Trump captured the presidency for the second time. It’s the biggest one-day increase since Bloomberg set up the index in 2012.

The increase came from a big day on the stock market, which rallied in the hopes that Trump will decrease regulations and lower taxes. The S&P 500 had a 2.5 percent increase, the best-ever performance following an election, and the U.S. dollar also went up. The world’s richest man, Trump supporter Elon Musk, saw his net worth go up by a whopping $26.5 billion, helped by a big jump in Tesla’s stock price.

Behind Musk, Jeff Bezos’s net worth went up by $7.14 billion. Bezos infamously decided that his newspaper, The Washington Post, should refrain from making a presidential endorsement this election, and he congratulated Trump on his “extraordinary political comeback and decisive victory” in an X post soon after the news of Trump’s win broke.

The Republican Party has always counted business leaders and executives among its main backers, and that hasn’t changed with the rise of Trump. Trump, as a business executive himself, shares their aims of fewer taxes and regulations. Naturally, this means that these executives and their companies see a chance for more profits with a new Trump administration.

Many of these plutocrats made their money from tech companies and Silicon Valley, where executives like Musk think of themselves as exceptional and see Trump as someone who will protect their wealth and status. They’ll see their gains from the past day as proof that they made the right decision, even if they foresee a future financial crisis from Trump’s agenda.

Trump’s flawed plans to institute tariffs also promise to make the rich even richer, despite the fact that prices will go up for many goods and services. However, economic metrics show that those tariffs would destroy the economy and send inflation skyrocketing. So while many billionaires today are toasting their immediate gains, tomorrow they may be lamenting what Trump has done. Historically, when business leaders have backed a fascist autocrat, it has ended up backfiring on them.

The most stubborn man in the Senate is rumored to be in the running for secretary of transportation.

Alabama Republican and former college football coach Tommy Tuberville’s name was mentioned for the Cabinet position. In response, Tuberville’s office told Reuters, “If there was a position where he could be more impactful for both Alabama and the country he would listen, but he believes that President Trump needs a sledgehammer in the Senate and right now he is focused on playing that role.”

But Tuberville has been more of a blockade than a sledgehammer during his Senate tenure. Tuberville spent nearly all of 2023 inexplicably and single-handedly blocking more than 450 military promotions, leading to widespread chaos within the U.S. military. He justified this blockade by stating that he was protesting the Pentagon’s abortion policy, which allows service members to be reimbursed if they are forced to leave their state of deployment to access an abortion. Tuberville was lambasted by Democrats and Republicans alike and eventually dropped his protest last December, leaving the policy in place and his colleagues incensed.

Tuberville has also refused to acknowledge that white nationalists are indeed racist, stating that the definition of white nationalism is a matter of personal opinion. His co-workers said he wasn’t racist, just very stupid.

“I do not believe that Tommy Tuberville is a racist at all,” an anonymous senator said. “I really believe that maybe he doesn’t have an understanding of the English language.”

These are not encouraging words regarding our potential secretary of transportation.

Donald Trump already has a handful of potential Cabinet picks in mind for his second administration—and they couldn’t be more alarming.

For White House chief of staff, the MAGA leader is reportedly considering either Susie Wiles, his top campaign adviser, or Brooke Rollins, president of the far-right America First Policy Institute, according to Trump allies that spoke with The Washington Post.

Other options for top positions include either billionaire hedge fund investor John Paulson or economic adviser Scott Bessent for Treasury secretary, and a toss-up between former Trump staffer Ric Grenell and Senator Marco Rubio for secretary of state.

But people who had previously worked alongside these candidates had their qualms about Trump’s choices.

Grenell, who was roundly criticized for his inexperience while serving as Trump’s acting director of national intelligence for a handful of months in 2020, is reportedly also in the running for other top intelligence positions, including heading the Central Intelligence Agency in order to unearth the secrets of the “deep state,” according to RawStory.

“Everyone knows he has no qualifications for this job,” Mark Groombridge, who worked closely with Grenell at the U.S. Mission to the United Nations, told Foreign Policy upon Grenell’s ascension to the coveted Cabinet position in 2020. According to Groombridge, Grenell had “many talents,” but the job’s requirements—such as impartiality—“don’t comport with that skill set at all.”

Upon hearing the news that Grenell had a pathway toward becoming CIA director, at least one former FBI agent lamented to her followers on X: “God help us.”

Trump has also thrown around other names for potential roles in his administration, including suggesting that renowned anti-vaxxer Robert F. Kennedy Jr. would have free rein over the nation’s health policies. World’s richest man Elon Musk has already agreed to head up a new department under the Trump admin—the Department of Government Efficiency, otherwise known as “DOGE”—which will focus on slashing government spending.

If Musk is to be believed, he’ll be looking to cut more than $2 trillion in federal spending—more than the country’s entire discretionary spending budget, which funds the military, national defense, as well as allocations for other federal agencies. The tech billionaire has also promised to launch a “complete financial and performance audit of the entire federal government.”

Trump’s campaign had reportedly scoured thousands of potential names but refused to disclose them ahead of the election due to Trump’s own superstitions. The picks largely come at the recommendation of the soon-to-be 47th president’s allies, who have claimed that incoming staffers would be given their positions based on their devotion to Trump’s vision for America—and to Trump himself, placing a premium on loyalty above all other skills, qualifications, or attributes.

In an interview with the Financial Times last month, Trump transition co-chair Howard Lutnick lamented that Trump’s last administration buckled under the weight of staff turnover due to disagreements in “vision,” promising that a second Trump term would focus on eradicating any internal hostility to the Republican’s plans.

Elon Musk’s daughter announced that she will be leaving the country after Donald Trump’s election night victory. Vivian Jenna Wilson, who is transgender, spoke out against President-elect Trump and her father, who played a pivotal role in helping him retake the White House. 

“I’ve thought this for a while, but yesterday confirmed it for me. I don’t see my future being in the United States,” Wilson said on Threads Wednesday evening. “Even if he’s only in office for 4 years, even if the anti-trans regulations magically don’t happen, the people who willingly voted this in are not going anywhere anytime soon.”

Wilson has notably been estranged from her father since 2022, and has accused him of transphobia, “cruelty,” and “serial” cheating. She said Musk would berate her for being more in touch with femininity as a child, urging her to make her voice deeper.

“I was in fourth grade. We went on this road trip that I didn’t know was actually just an advertisement for one of the cars—I don’t remember which one—and he was constantly yelling at me viciously because my voice was too high,” she told NBC in July. “It was cruel.” 

Musk’s comments toward his daughter only bolster these accusations. He has repeatedly deadnamed Wilson, meaning that he calls her by her male, birth name rather than recognizing the full and independent trans person that she is. In an interview with right-wing pseudo-intellectual Jordan Peterson, Musk stated that “I lost my son, essentially.… My son Xavier is dead, killed by the woke mind virus … so I vowed to destroy the woke mind virus after that.” Musk has also referred to his daughter as a “full communist” who thinks that “anyone rich is evil.” Musk is the richest man in the world. 

The billionaire has been Trump’s most enthusiastic surrogate this election cycle, following him from state to state and donating $119 million to Donald Trump’s America PAC.* He is sure to have a significant position, official or otherwise, in a Trump Cabinet chiefly concerned with demolishing transgender rights. America’s most powerful civilian is leading us toward a grim future that his oldest child knows all too well.   

“I no longer live with or wish to be related to my biological father in any way, shape or form,” Wilson told a court in 2022.

* This post previously misstated the amount donated.

Donald Trump won the presidential election less than 48 hours ago, and it seems that world leaders are already starting to openly mock him.  

French President Emmanuel Macron wrote a message on X Wednesday congratulating Trump for winning the presidential election. 

“Congratulations, President @realDonaldTrump. Ready to work together as we did for four years. With your convictions and mine. With respect and ambition. For more peace and prosperity,” Macron wrote. 

Apparently, MAGA wasn’t too thrilled about the “globalist deep state’s” use of one pesky little homonym. Maybe the swarms of online trolls can be comforted with the knowledge that “conviction” in French means belief, while a criminal conviction like the one Trump has 34 of is la condamnation.

At least, that’s what a spokesperson for Macron’s communications team pointed out in an email to HuffPost, saying that the president’s comment could not possibly refer to a legal conviction.  

Unfortunately for MAGA, and, well, all of us actually, we have a lot more of this kind of thing to look forward to. Trump’s ex–national security adviser has already warned just how easy it was for foreign leaders to get the best of the former president.

In light of Trump’s new status as president-elect, the judge in his hush-money case is expected to rule on whether to toss out his criminal conviction within the next week. Maybe then he’ll go back to having no convictions at all. 

Potential Trump Cabinet appointees are trying to get into the president-elect’s good graces in disturbing ways.

Mike Davis, a right-wing activist considered a leading candidate for Trump’s attorney general, on Wednesday threatened to (legally) “drag their dead political bodies through the streets” and burn them, referring to enemies of Trump and the right.

The violent threat came after Davis appeared to blame Democrats for the assassination attempts on Trump.

Davis, a former clerk for Justice Neil Gorsuch who calls himself “Trump’s viceroy,” is not likely to show any restraint in exercising retribution on behalf of the president. He’s already threatened special counsel Jack Smith, who oversaw the investigation and prosecution of Trump’s attempt to overturn the 2020 election as well as his mishandling of classified documents, to “lawyer up.”

The fact that a legal troll like Davis is considered a front-runner to head the Justice Department reveals how many conservative lawyers Trump burned through during his first term and after his attempts to cling to power following his 2020 election loss. Many of these lawyers either want nothing to do with him now, or are facing disbarment and criminal charges for their efforts to help Trump. The lawyers who have stuck around are more MAGA true believers than top conservative legal minds.

These lawyers will be tasked with tearing down any legal obstacles to Trump’s agenda as well as that of his far-right allies. These include whatever checks on the presidency exist in law, and whatever regulations stand in the way of business leaders tied to conservatism. As Davis’s post demonstrates, they will also help to bring the full force of the DOJ against Trump’s enemies.

Even if Davis isn’t picked to be the next A.G., he will undoubtedly be a part of Trump’s legal army, which will have a big agenda. There’s already talk of a mass pardon of January 6 rioters, and other Trump allies have enemies lists of their own. A plan to purge the federal workforce of those who would oppose him has already been devised, too. Thanks to the Supreme Court’s ruling on presidential immunity, Trump faces few, if any, legal constraints, and we’re about to find out what still stands in his way.

The judge in Donald Trump’s hush-money case will consider whether to dismiss the president-elect’s criminal conviction next week, CNN reported Wednesday.

Judge Juan Merchan was scheduled to decide on Trump’s sentencing for 34 counts of falsifying business records on November 26, but Trump’s victory in Tuesday’s presidential election has cast a new pall over the proceedings. Now Merchan must decide whether to do away with the case altogether.

As one might expect, Trump’s attorneys are doing everything in their power to save their client from the Big House, on the way to the White House. Trump’s entire presidential campaign was premised on staying out of prison. Now he may finally get his wish.

Trump’s attorneys are expected to file a motion to dismiss the case within the next few days, arguing that Trump should be allowed the same legal protections as a sitting president and thus be immune to state prosecution.

This decision is expected to come ahead of November 12, when Merchan was set to weigh on whether to dismiss the case in light of the Supreme Court’s ruling in Trump v. United States, which found that the president could not be tried for most “official conduct.”

If Merchan somehow decides not to toss the case, then Trump’s sentencing hearing will proceed as scheduled.

Donald Trump’s allies are already musing over a long who’s who list for Cabinet appointments in the MAGA leader’s forthcoming second administration. But one swirling rumor pictures an almost uncertainly unqualified, disruptive MAGA ally in a key post: Representative Marjorie Taylor Greene as the new Homeland Security secretary.

“You’re such a fighter,” Trump ally Steve Bannon told the Georgia Republican as she appeared on his podcast War Room Wednesday. “Now, is there truth to the rumor that you’re going to take over at DHS?”

But Greene didn’t take the bait, instead positing other goals for Trump’s second term.

“I don’t know what’s going to happen, Steve,” Greene said. “We’re just thrilled to have President Trump back in the White House because everyone knows what that means. 

“We’re going to dismantle the deep state. We’re going to end the weaponized government. We’re going to pardon the J6ers. That’s extremely important,” she continued. “And we are going to restore peace and prosperity back for the American people. And we’re going to end those foreign wars, and we’re going to end the climate change scam. Everything’s going to be restored. We’re so excited.”

Heading up the Department of Homeland Security would be a massive shift for the renowned chaos agent, who has spent the last year trying (and even succeeding) to oust her own party’s House speakers, ardently defending the January 6 insurrectionists who rioted through the Capitol building, and espousing conspiracy theories—including an antisemitic lie that purported a lack of federal funds to deal with the devastating hurricanes that bashed the South and another weather-related conspiracy that claimed Democrats were the masterminds behind Hurricane Helene.

She has also repeatedly attacked the man who currently holds the seat she may one day obtain: Homeland Security Secretary Alejandro Mayorkas. In January, Greene claimed she “absolutely” deserved credit for sparking the impeachment proceedings against Mayorkas, which the department at the time brushed off as little more than “political games” by Republicans.  

If, by chance, Greene does obtain the post, she would be in charge of keeping the country safe from a litany of threats, including weather-related emergencies and cyberattacks, and tasked with overseeing the nation’s immigration process.

GOP whisperer Frank Luntz stated that Kamala Harris’s biggest weakness was her proximity to President Joe Biden.

“In the end, she decided not to differentiate herself,” Luntz said on CNN Wednesday afternoon. And you can be supportive of someone and still say, ‘I’m something different. I don’t look like him. I don’t sound like him. We have complementary points of view, but they’re not identical.’ And then she could’ve gone off and differentiated herself. Once again, it was her choice to align with Biden that tightly. Was she loyal? Absolutely. Did it hurt her in the campaign? Absolutely.”

For many, the most damning moment for Harris was her appearance on The View last month where she told the hosts that there was “not a thing that comes to mind” in regard to what she would do differently from President Biden.

Luntz may be on to something, as the vice president was politically tethered to one of the more unpopular presidents of the modern era. Biden has been criticized for lingering too long, for not setting up the next generation of party leadership for success, and not announcing sooner that he would step down after one term like he alluded to during his 2020 campaign.

On Wednesday afternoon, Donald Trump’s granddaughter Kai Trump posted a photo of the entire family clan at their estate in Mar-a-Lago, including all of the president-elect’s children, their spouses, and several grandchildren. But the photo was missing his wife, Melania, and, for some reason, included billionaire Elon Musk.

The photo was clearly meant to be celebratory, coming after Trump’s election win was confirmed, so it’s conspicuous that the former and future first lady was absent. It’s telling that Musk, who juiced the Trump campaign with millions of dollars in the past few months, is, quite literally, in the picture.

The billionaire tech CEO spent election night with Trump, showing that he is now a part of the president-elect’s inner circle. He’s already been promised a major role in the Trump administration to improve government efficiency, claiming that he can cut $2 trillion from the federal budget. Such cuts would almost certainly have negative consequences in the lives of many Americans, especially since Social Security would likely be targeted.

Musk, the world’s richest man, stands to be even richer during Trump’s presidency, with less scrutiny from government regulators and favorable treatment from his new best friend. The stock in his electric car company, Tesla, has skyrocketed in the past day. The billionaire has promised to continue his political efforts through his America PAC, meaning that Trump and his MAGA friends will have Musk’s dollars at their disposal for some time to come.

The photo perhaps is a look at who will be the public faces of the next first family. Trump’s wife, while not invisible during his first term, spent a lot of time in Trump Tower in New York and wasn’t very active during his 2024 campaign. Maybe Musk is now an honorary part of the Trump family thanks to his money and support, and maybe Melania Trump is going to focus on herself this time around. She already published a new book in the past year and disclosed a hidden support for abortion rights. Perhaps she doesn’t want the same kind of attention that she got in Trump’s first term.