Tag: US president

Trump concedes poll defeat, vows orderly transition to Biden

Trump concedes poll defeat, vows orderly transition to Biden

Trump concedes poll defeat: A day after Capitol violence, Trump accepted defeat, pledged smooth transition of power to Biden

In a massive development, US President Donald Trump finally conceded defeat in the November 3 elections. On Thursday, a video statement with Trump’s remarks was released his Twitter account in which he acknowledged that he will not serve a second term. Trump also noted that there will be an orderly transition for the new administration under President-elect Joe Biden, with just 12 days left for his inauguration.

“Even though I totally disagree with the outcome of the election, and the facts bear me out, nevertheless there will be an orderly transition on January 20th,” Trump said in the statement.

In the video, he also condemned the violence caused by his supporters at the US Capitol a day earlier. This development came moments after the US Congress officially certified President-elect Joe Biden’s victory in the election. Trump’s efforts to overturn the 2020 elections’ results were in vain after the US Congress confirmed Biden’s 306-232 victory.

In the wake of chaos and destruction caused by Trump supporters on the Capitol Hill, his social media accounts were blocked by Mark Zuckerberg-led tech giant over concerns that his messages might escalate the violence. While Trump returned to Twitter with the video statement on Thursday, his Facebook and Instagram still remains blocked.

Trump’s acknowledgment of his loss has come amid increased calls for his removal from office. There were also demands for a new impeachment inquiry, calls for Vice President Mike Pence to invoke Constitution’s 25th Amendment to oust the President.

His video was followed by a series of resignations from his cabinet. Transportation Secretary Elaine Chao and Education Secretary Betsy DeVos were among the first to submit their resignation over the riot caused by pro-Trump supporters in the US Capitol. As per reports, a number of other Trump administration aides are looking at a potential mass resignation as a sign of protest against Trump’s stance regarding the Capitol Hill violence. 

Meanwhile, in the video, Trump has hinted at continuing his political life to “make America great”, even as his supporters assaulted the seat of the country’s democracy. There are speculations that he may run for the President’s seat again in 2024.

“While this represents the end of the greatest first term in presidential history, it’s only the beginning of our fight to Make America Great Again!” Trump said in the video.

According to Washington DC Police, at least four people died during the violence caused by the mob at the Capitol. Security forces were forced to fire tear gas and extensive control measures during the four-hour operation to clear the agitated mob at the Capitol. According to historians, this was the first time since 1814 that the Capitol was taken over by protesters. 

US election 2020: America’s rich saw a surge in their fortunes

US election 2020: America’s rich saw a surge in their fortunes

US Election 2020 led to a $28 billion growth in fortune of America’s 10 richest people

While the world is anxiously waiting for the US Presidential elections 2020 results to be announced, US Stocks jumped higher on Wednesday, contributing to a leap in the billions of dollars of fortunes of the ten richest people in the country. Even as the presidential election hung in balance, the wealth of the ten richest Americans grew by $28.2 billion on Wednesday. As per a report by Forbes magazine, shares of leading tech companies including Amazon, Microsoft and Facebook surged multi-fold. It helped leading billionaires such as Jeff Bezos, Bill Gates, Mark Zuckerberg earning a combined $28.2 billion in their net worth. 

As Amazon’s stock went up 6.3%, Jeff Bezos’s net worth rose by 10.5 billion dollars to 190.6 billion dollars. Bill Gates’s fortune rose by $663 million increasing his net worth to $115.9 billion his shares in Microsoft rose by nearly 5%. As Google’s stock jumped 6%, fortunes of Google co-founders Larry Page and Sergey Brin rose by $4 billion and $3.8 billion respectively. 

Interestingly, there were four people in the list of America’s ten richest people who witnessed a drop in their wealth, including Berkshire Hathaway CEO Warren Buffett and Tesla CEO Elon Musk. While Berkshire Hathaway’s stock fell by 0.4% reducing $215 million off from Buffett’s net worth, Tesla’s share went down by 0.7% with his net worth going down by $560 million. 

As per media reports, Indian billionaire Mukesh Ambani’s fortune also surged by $4.1 billion to $74.2 billion as the world awaited the results of one of the most nail-biting elections in US history.

While the votes are still being counted across a few remaining states, President Donald Trump’s allies have launched legal challenges. A candidate is required to win 270 electoral votes to gain the presidency of the White House. Significantly, votes from the five states of Pennsylvania, Arizona, Georgia, Nevada and North Carolina will decide who will be the 46th president of the United States. Essentially, all eyes are on Pennsylvania, Arizona, and Nevada, as any of these three states will play a decisive role for democrat candidate Joe Biden in bringing him close to winning the elections.

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