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Nov 14, 2016 @ 10:42

Trump Win Lifts Buffett Back to Second-Richest in the World

 

Warren Buffett is once again the second-richest person on the planet, and he has President-Elect Donald Trump to thank.

Buffett added $6.2 billion to his fortune this week, leading gains for the world’s wealthiest as he leapt over Spain’s Amancio Ortega and Amazon.com Inc. founder Jeff Bezos to reclaim the No. 2 spot on the Bloomberg Billionaires Index.

Buffett, who supported Democrat Hillary Clinton in the election and ferried voters to the polls in his Nebraska hometown, benefited as shares in Wells Fargo & Co. soared 13 percent in the two days after the Nov. 8 election on speculation that a Republican administration would bring less regulation and sideline some of the industry’s sharpest critics. His Berkshire Hathaway Inc. holds a 10 percent stake in the San Francisco-based lender.

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