Trump supporters weren't the only ones cheering the outcome of this week's U.S. elections: Donald Trump's return to power reverberated through the financial world, markedly benefiting some of its most affluent figures.
According to the Bloomberg Billionaires Index, between November 5th and 6th, 2024, the world's 10 wealthiest individuals, mainly U.S. tech moguls, saw their combined net worth surge by an unprecedented $64 billion, the largest single-day increase recorded since the index's inception in 2012.
Elon Musk, the world's richest individual and CEO of Tesla and SpaceX, and owner of X (formerly Twitter), emerged as the greatest beneficiary. With a formidable $26.5 billion boost, his fortune reached an estimated $290 billion, fueled by a post-election spike in Tesla shares; Musk's 411 million shares underpinned this meteoric rise.
Musk's fortunes are poised to soar further under Trump's administration, bolstered by his significant $119 million campaign contribution (Musk's involvement in Trump's government may extend beyond financial support since he has already joined the president-elect in high-level calls, including a conversation with Ukrainian President Volodymyr Zelensky the day following the election).
In second place, Amazon's Jeff Bezos continued to consolidate his position as the globe’s second-richest, while the list also featured Meta's Mark Zuckerberg, despite a slight $81 million dip leaving his wealth at $202 billion (Zuckerberg has been in Trump's crosshairs since the president-elect's August vow to imprison him for allegedly conspiring against him in the 2020 elections….).
Rounding out the top echelon were Microsoft co-founder Bill Gates, former Microsoft CEO Steve Ballmer, and Google's co-founders Larry Page and Sergey Brin. Notably absent from the top 10 were any female billionaires, underscoring persistent gender disparities at the pinnacle of global wealth.
This remarkable leap in net worth was propelled by a surge in U.S. stocks, driven by investor expectations of reduced taxation, deregulation across key sectors such as banking, energy, and technology, and a sense of relief at the uncontested election outcome.
However, not all in the billionaire stratosphere experienced gains. French luxury titan Bernard Arnault, one of the two top 10 members outside the tech realm, witnessed a near $3 billion dip in his fortune.
Yet in future Arnault, CEO of LVMH, may experience a rise in his fortune as well. As noted previously, Arnault shares a connection with Trump, something that may earn LVMH's brands the support of Trump's wealthy voters. Besides, Melania Trump's recent appearances have prominently featured Louis Vuitton bags and Dior ensembles, including her Election Night look.
The more you think about it, the more you wonder if the modern version of Dior's Bar suit worn by Melania Trump on Election Night held specific meanings behind it.
Originally unveiled in 1947, Dior's "New Look," a definition coined by Harper's Bazaar editor Carmel Snow, symbolized the revival of French couture in the aftermath of World War II. It was a defiant response to the years of austerity under German occupation, embodied by a tailored jacket with a nipped-in waist and voluminous, calf-length skirt, requiring 25 to 40 yards of fabric. This celebration of excess and femininity stood in stark contrast to the continuing fabric shortages and economic challenges in many parts of the world, drawing both admiration and backlash.
In France, Dior's vision of opulent femininity resonated indeed as an aspirational return to splendor. However, in countries still grappling with post-war scarcity, it appeared as an ostentatious fantasy. His designs were therefore met with disapproval, even hostility, as women sporting the New Look faced criticism or were chased through the streets. In the United States, where practical and modern fashion had become the norm, Dior's creations were often seen as an unwelcome nod to restrictive, bygone traditions.
As the years passed and post-war privations receded, fashion magazines championed Dior, cementing the designer's status as a global icon. In more recent years, Dior Creative Director Maria Grazia Chiuri has sought to imbue Dior with a distinctly feminist ethos, to present a modern version of luxury and femininity.
It feels steeped in irony, then, that on Election Night, Melania Trump's stylist chose for her the fashion house's modern take on Dior's Bar suit. While this rendition wasn't crafted from the extensive yards of fabric that defined the original, you wonder if this was a message of some sort, like a signal towards a subtle shift in political tides after a challenging period for the Republican Party. Who knows.
The deeper question is how Dior's current vision under Chiuri, often aligned with messages of empowerment and progressive ideals, resonates with its appropriation by Melania Trump. After all, Melania usually appears as a silent, almost ornamental figure next to her controversial husband.
Against the backdrop of an election where younger women overwhelmingly supported Kamala Harris, you wonder if such an association might influence the brand's perception among some American consumers and, by extension, the fortunes of other fashion houses in LVMH's portfolio. Rebellion and dissent, after all, can manifest not only at the ballot box, but also through consumer behavior (or influencer support...).
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