new York
CNN
—

Wednesday wasn’t just a good day for Donald Trump. The wealth of the world’s 10 richest people also soared by a record amount, according to Bloomberg Billionaires Index.

The biggest gainer was Elon Musk, the world’s richest person and one of Trump’s most fervent and devoted supporters, whose wealth jumped from $26.5 billion to $290 billion on Wednesday, according to Bloomberg. Founder of Amazon The wealth of Jeff Bezos rose $7.1 billion a week after he defended his decision to withhold the Washington Post’s endorsement of Vice President Kamala Harris. Oracle co-founder Larry Ellison, another Trump supporter, saw his net worth increase by $5.5 billion on Wednesday.

Other winners include former Microsoft executives Bill Gates and Steve Ballmer, former Google executives Larry Page and Sergey Brin and Berkshire Hathaway CEO Warren Buffett. Although none of these billionaires have endorsed a candidate this year, they have spoken out in favor of Democratic candidates and causes in the past.

Collectively, the 10 richest people earned $64 billion.

Bloomberg Remarks this is the “largest daily increase” in wealth seen since the index was launched in 2012. The market rallied on Wednesday as the election ended quickly and with hopes that Trump will usher in a new era of deregulation and other business-friendly laws and policies, investors say, could benefit the stock market as a whole, particularly the billionaires who own much of the world’s wealth.

“There’s this huge perception of a pro-business, pro-tax regime that’s being put in place, especially with their Senate victory,” said Michael Block, chief operating officer at AgentSmyth.

Trump Media & Technology Group, owner of Truth Social, Trump’s social media companyalso cashed in on the value of its shares after CNN and other media outlets projected Trump’s victory. The stock rose as much as 35% at one point before fading.

Trump is the dominant shareholder in the conservative social media company, which has little revenue and is losing money. The president-elect’s 114.75 million shares were briefly worth about $5.3 billion based on these early gains, compared to $3.9 billion at the end of negotiations on Election Day.