Since the end of 2020, the S. & P. 500 has risen by nearly fifty per cent, and the companies in the index have seen their earnings per share nearly double.
Big banks, hedge funds, and private-equity funds have all made bumper profits, with founders and top executives of private equity groups increasing their shares' value by more than $40bn since the beginning of 2023.
The capitalist class may not be overwhelmingly grateful to Biden, as evidenced by some Wall Street and tech figures throwing their support behind Donald Trump, whom they previously disowned following the January 6, 2021 assault on Capitol Hill.
For instance, Stephen Schwarzman, CEO of the Blackstone Group, denounced the Capitol Hill attack but announced support for Trump for president. Billionaire hedge-fund manager Bill Ackman is also likely to support Trump, despite his past activism.
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