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.