In reaction to preliminary election results, shares of the largest high-tech U.S. firms showed strong growth on Wednesday. 5.78% was added to the high-tech Nasdaq Composite index.
The news that Democratic candidate Joe Biden is leading the presidential candidature race with Republican Trump, pushed the market up. But the final vote count is not over and may last longer than average due to the postal ballots that millions of Americans have used due to the pandemic.
Biden is tentatively winning 264 electoral votes out of the 270 required for victory, according to the Associated Press, although Trump has just 214. At the same time, it is possible that Democrats will maintain control of the House of Representatives, but the Senate will remain Republican. With a large-scale package to help the U.S. economy during the pandemic, this scenario promises the immediate plan while making it virtually impossible for Biden to enact proposals to increase corporate taxes.
Shares in Facebook rose by 8.32%, Apple and Microsoft added more than 4%, and Alphabet and Amazon rose by more than 6%.
On the other hand, Amazon’s CEOJeff Bezos kept selling company’s shares, but this is not the first time he did so.Bezos recently sold shares worth more than $3.1 billion followed by shares sale of more than $3.1 billion in August 2020, and for $4.1 billion earlier in February. Total sales proceeds were more than $10.2 billion in 2020, which is considerably more than $2.8 billion in 2019. The media had reported earlier that Bezos was involved in buying CNN.
The remaining shares of the billionaire are estimated at nearly $170 billion, making him the world’s richest man. Bezos has previously said that he sells Amazon shares worth around $1 billion a year to finance his Blue Origin rocket start-up. In addition, Amazon’s CEO unveiled a $10 billion ‘World Fund’ in February to fight the impact of climate changes, awarding grants to scientists, advocates and other organizations.