Rocky Road To Oval Office | Bezos’ $3 Billion Sale | China’s Richest People

Plus: The Billionaires Who Won Or Lost Big On Election Night 2020—So Far

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With key states such as Nevada expected to announce results later today, the path to the White House is becoming clearer, but also crowded with lawsuits from the Trump campaign. We also look at a rally in tech shares boosting the fortunes of the country’s ten richest people, a tax-hiking ballot measure in Arizona and one on affirmative action in California.

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In The News Today

The U.S. recorded an all-time high of 103,087 new coronavirus cases on Wednesday, eclipsing the previous high of 97,080 cases set on October 30.

Jeff Bezos sold $3 billion worth of Amazon earlier this week—the third time this year that America’s richest man has sold billions of dollars of the company’s shares.

Top Take-Aways

Votes are still being counted across the country, but the paths to the White House for each candidate are becoming clearer, despite the Trump campaign and the GOP bringing lawsuits in Georgia, Michigan, Pennsylvania and Nevada.

Shares of major tech companies like Amazon, Facebook and Microsoft led a market rally on Wednesday, boosting the fortunes of America’s wealthiest by $28 billion. Here is what analysts make of the market’s reaction to the election, as well as the stocks and sectors that are booming—and plummeting—on the prospects of a Biden victory and a divided Congress.

Facing the prospect of retaining a Republican majority in the Senate, Mitch McConnell reviewed his position on the stimulus package and expressed willingness to pass a bill before the end of the year.

China’s 400 richest people have shrugged off any possible pandemic hit and saw their total wealth ballooning to $2.11 trillion compared to $1.29 trillion a year earlier. There are 68 newcomers to the list: among them, former dairy engineer turned infant formula maker Leng Youbin and Smoore’s Chen Zhiping, China’s first vaping billionaire. 

Tennis player Rafael Nadal just won his 1,000th tour-level match, becoming only the fourth tennis pro in history to hit four-figure wins.

Today's Must Read

In Case You Missed It

You may not need reminding of the result of the 2000 presidential election—but you may want to look back at what happened to the stock market when it took until December to declare a victor. 

What Else To Know

In times of uncertainty, it’s tempting to buy gold—but not all gold stocks are equal: here’s what to keep in mind when choosing to invest in the precious metal.

While Arizona’s electoral college votes are still being counted, one known outcome from the state’s ballots was the approval of a massive state income tax hike on high earners—this is how it works and what’s the situation in other states.

In California, an effort to bring affirmative action back to the Sunshine State appears to have failed, with possible repercussions nationwide. 

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