Nevada appears to be on the precipice of electing a Republican to the White House for the first time in two decades.

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“I feel so happy right now, I feel fantastic,” said Yolanda Wright, 47, beaming as state after state lit up red on the big screen at the Republican watch party in Las Vegas. Like many voters in this swing state, Wright voted with the GOP for the first time this year.

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“I’ve been a Democrat my whole life,” she said. “And I haven’t seen any benefit from it.”

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The Associated Press has yet to project Donald Trump as the winner of the presidential race in the Silver state, and it could take days before all the state’s mail-in ballots are counted and a true tally of votes is revealed. Regardless of the final results, the former president’s political gains in this deeply diverse state are emblematic of a national political realignment.

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“Here it’s clear that what we knew as true in politics, a lot of the normal rules we had, those are dead and gone,” said Mike Noble, an independent pollster who has been studying the electorate in Nevada, Arizona and Utah. “Now we have new rules, a new game to play.”

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In a state with one of the largest proportions of working-class voters and blue-collar workers, where the economy is dominated by the service and entertainment, as well as mining and construction, a populist message seems to have overcome prior political allegiances. Voters who felt trapped in a dark economic rut chose the person they thought would bring the most change.

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Exit polls indicate that more than half of white and Asian voters, and about half of Hispanic/Latino voters cast ballots for Trump. Both the NBC and Washington Post exit polls found that majorities of white women and white men without a college degree backed Trump, and polls suggest he had also gained support among non-white voters without college degrees. Overwhelming majorities of those who voted for Trump said the economy was doing poorly.

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European leaders are gathering in Budapest for two days of top-level talks that should give an indication of how united the continent can remain in response to Donald Trump’s second term as US president, but could also reveal its divisions.

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Hosted by Hungary’s authoritarian prime minister, Viktor Orbán, a Trump ally who has enthusiastically hailed the Republican candidate’s re-election, the EU27’s leaders are being joined on Thursday by the Turkish president, Recep Tayyip Erdoğan, the UK’s Keir Starmer, the Nato secretary general Mark Rutte and Ukraine’s president Volodymyr Zelenskyy.

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On the agenda for the long-scheduled meeting of the European Political Community were support for Ukraine, migration, global trade and economic security, with an informal EU leaders’ summit on Friday due to focus on the bloc’s declining competitiveness, laid bare in a report by the former Italian leader Mario Draghi.

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Leaders were upbeat as they arrived, stressing the need for a strong Europe and effective transatlantic cooperation with Trump, whose return to the White House could herald an abrupt halt to US support for Ukraine and a potentially damaging trade war with Europe.

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Europe aims to be a “respected partner” and deepen its ties with the US, the president of the European council, Charles Michel, said, while recognising “some differences”. The commission’s president, Ursula von der Leyen, said the bloc must maintain unity.

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“We have shown Europe can take responsibility by standing together – we showed it during the pandemic and the energy crisis,” she said. “If we are facing challenges, no country can handle them alone but by standing together we can overcome them.”

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Von der Leyen said she was looking forward to working with Trump again “in a good manner … to strengthen the transatlantic bond” based on a clear-headed analysis of shared interests. “The future of Europe is in our hands,” she said.

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The wealth of the 10 richest people in the world – a list dominated by US tech billionaires – increased by a record amount after Donald Trump’s victory in the presidential election, according to a widely cited index.

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The Bloomberg Billionaires Index estimated that the world’s 10 wealthiest people gained nearly $64bn (about £49.5bn) on Wednesday – the largest daily increase since the index began in 2012.

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Elon Musk, the world’s richest person, registered the largest increase with a $26.5bn addition to his fortune, which now stands at $290bn. Musk, a prominent backer of Trump’s campaign, benefited from a surge in the share price of Tesla, the electric carmaker where he is chief executive and in which he owns a 13% stake.

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The gains came as tech business leaders, including Amazon’s Jeff Bezos, Mark Zuckerberg, chief executive of Facebook parent Meta, and Apple’s Tim Cookpublicly congratulated Trump on his election win.

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Much of the gains for the top 10 were because of a surge in US stocks on Wednesday as investors anticipated a low-tax and regulation-light policy platform.

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Other beneficiaries were Bezos, the founder of Amazon and the world’s second richest person, who added $7bn to his near-$230bn fortune, and Larry Ellison, the chair of the software company Oracle, historically a Republican supporter, who increased his wealth by $9bn to $193bn.

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Other members of the top 10 whose wealth grew included Microsoft’s co-founder Bill Gates, the former Microsoft chief executive Steve Ballmer, and Google’s co-founders Larry Page and Sergey Brin.

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After Tuesday’s election, and subsequent sweeping victory for Donald Trump, vice-president Kamala Harris’s gave her concession speech on Wednesday afternoon. But, what has been the reaction to Harris’s loss and what does it mean for the Democratic party and its supporters?

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After Harris’s concession speech, her supporters expressed shock, grief and disillusionment as they reflected upon the harrowing hours since the election was called for Trump. Instead of feeling galvanized to build resistance movements, voters said that they needed time to rest and reset before thinking of next steps after the election.

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Nadia Brown, a political science professor at Georgetown University and a fellow Howard University alumna, had watched the election results pour in from the campus on election night. For Brown, she said that the election results posed “larger questions to ask around what the Democratic party needs to do to maintain the core voting bloc”.

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The Democratic pollster Paul Maslin argued that Harris did as well as she could have, given the environment and circumstance. Harris “did a really good job”, Maslin told Politico, but ultimately “this race was unwinnable”.

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“Trump, rightly or wrongly, his persona and his fundamental attack line against the condition of the country, the Biden-Harris administration and frankly the Democratic party, was in the end unbeatable,” he said.

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CNN’s national political correspondent Alex Thompsonnoted that a former adviser to Joe Biden criticised the Harris campaign, asking: “How do you spend $1bn and not win?”

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Others, Thompson said, have suggested that Joe Biden should have exited the race sooner.

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He said one longtime Democratic operative told him the party “sleepwalked into disaster” on Tuesday night, adding that “swapping the pitcher in at the sixth inning wasn’t enough, and that Kamala Harris did as good of a job as she could have done”.

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Mark Longabaugh, a veteran Democratic strategist who previously advised Senator Bernie Sanders, also said Harris was handed the reins “too late”, adding that it was a “tough environment” according to Politico.

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Others, such as Lindy Li, a senior Democratic official in Pennsylvania, are questioning whether the outcome would have been different if Harris had chosen a different vice-presidential candidate, such as the governor of Pennsylvania, Josh Shapiro.

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Li argued to Fox News that the moderate Shapiro would have conveyed to American voters that Harris is not the “San Francisco liberal” Trump portrayed her to be. “But she went with someone actually to her left,” Li said, referring to the Minnesota governor, Tim Walz, whom Harris chose as her vice-presidential pick.

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Li also criticised the Harris campaign for not distinguishing Harris enough from Biden, a point that has been echoed by other operatives and commentators in the last few weeks.

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Some pointed to Harris’s appearance on the talkshow The View, when she was asked if there was anything she would have done differently than Biden and responded: “There is not a thing that comes to mind.”

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David Sirota, who was a senior adviser for Sanders’s 2020 presidential campaign, described Tuesday night as a “very bad night”.

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“Some of us spent years warning Dems to take working-class politics more seriously & to not tout neocons,” he said. “We did so in hopes of avoiding this & yet we were vilified as traitors by Dem elites & liberal pundits. There’s a lesson here.”

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Another former Bernie Sanders staffer, Jeff Weaver, told Politico that the Democratic party now needed to “re-establish its relationship with the working-class people”.

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After Donald Trump’s US election victory, here’s what will happen next:

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n
• n

  US president, Joe Biden, spoke to Trump on Wednesday and invited him to the White House. Trump campaign spokesperson Steven Cheung said Trump “looks forward to the meeting, which will take place shortly, and very much appreciated the call”. It would be the first time they had met since Biden’s disastrous debate performance against Trump in June that forced him out of the race.

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• n

  Biden will make an address to the nation on Thursday, vowing a peaceful transfer of power to Trump after his crushing election win over Kamala Harris. In what promises to be an agonising moment for Biden, he will speak in the Rose Garden of the White House at 11am (4pm GMT) to “discuss the election results and the transition” to Trump’s second term.

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• n

  Despite Trump’s election success being apparent pretty early on election night, the full US election results are still not in. Out of 51 states (including DC), results for 49 have been called so far. Donald Trump currently has 295 electoral votes and Harris has 226. For context, Joe Biden was declared the winner offcially four days after the election in 2020.

n

• n

  Harris will preside over a joint session of Congress in January to certify the results of the election. Harris delivered a speech conceding defeat in the presidential election to Trump on Wednesday afternoon.

n

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  Trump will be sworn in as the 47th US president on 20 January 2025.

n

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South Korean president, Yoon Suk Yeol, spoke with Donald Trump on Thursday and congratulated him on winning the US presidency on the “Make America Great Again” slogan as officials in Seoul worked to prepare for “significant” economic changes, reports Reuters.

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Yoon and Trump held a 12-minute phone call and discussed the close security and economic ties of their two countries across all areas, a senior South Korean official said on Thursday.

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}],”data”:{“alt”:”South Korean president, Yoon Suk Yeol, speaking with US president-elect Donald Trump over the phone at the presidential residence in Seoul, South Korea, on Thursday.”,”caption”:”South Korean president, Yoon Suk Yeol, speaking with US president-elect Donald Trump over the phone at the presidential residence in Seoul, South Korea, on Thursday.”,”credit”:”Photograph: South Korean President Yoon’s Office/EPA”}},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

South Korea’s ambassador to the US also visited Trump’s Mar-a-Lago home in Florida to meet with members of the president-elect’s camp, the foreign ministry said.

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Trump’s election has renewed attention in South Korea on his “America First” foreign policy plans and how his unpredictable style will play out in his second term, reports Reuters.

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Officials worked past midnight on Wednesday to prepare for changes expected from US policies, with the Bank of Korea and thinktanks seeing a potential hit to exports if the US raises tariffs.

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Meetings at the trade ministry that began in the hours after Trump’s victory led to back-to-back discussions early on Thursday as South Korea’s economic leaders weighed the impact on exports of potential tariffs.

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“Should policy stance that has been stressed by president-elect Trump become realised, the impact on our economy is expected to be significant,” finance minister Choi Sang-mok said at a 7.30am (10.30pm GMT on Wednesday) meeting with trade and foreign ministers.

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South Korea would probably suffer less than China, Mexico and the EU, but Asia’s fourth-largest economy could be forced into another renegotiation of its bilateral free trade agreement with Washington, according to Kim Young-gui, an economist at the Korea Institute for International Economic Policy (KIEP).

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China warned on Thursday there would be “no winners in a trade war” after the re-election in the US of former president Donald Trump, who has pledged huge new tariffs on Chinese imports.

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“As a matter of principle, I would like to reiterate that there will be no winners in a trade war, which is also not conducive to the world,” foreign ministry spokesperson Mao Ning said, according to Agence France-Presse (AFP).

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Iran on Thursday called Donald Trump’s victory in the US presidential election an opportunity for the United States to reassess past mistakes, reports Agence France-Presse (AFP).

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“We have very bitter experiences with the policies and approaches of different US governments in the past,” foreign ministry spokesperson Esmaeil Baghaei was quoted as saying by state news agency IRNA, adding Trump’s win was a chance “to review previous wrong policies”.

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Donald Trump has won the election, with 295 electoral college votes, out of 270 needed for victory, and some states – the swing states of Nevada and Arizona – still to be called. Every swing state called so far has gone to Trump. Trump is also ahead in the popular vote, with 51% to Harris’s 48%.

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The Republicans also have control over the senate, after picking up three members.

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The House is still in play, with neither the Republicans nor the Democrats holding the 218 members needed to gain control of the chamber. The Republicans are however ahead, with 206 House representatives.

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The full results are here:

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Japanese prime minister Shigeru Ishiba hopes to meet US president-elect Donald Trump in the United States this month, four sources said, in an attempt to emulate then-prime minister Shinzo Abe’s close ties during Trump’s first term.

n The US is Japan’s most important economic and security partner, while Tokyo is a key Washington ally in Asia, providing bases that allow it to keep a large military presence on China’s doorstep.

n Ishiba told reporters he had held a five-minute phone call with Trump on Thursday morning Japan time and that they agreed to meet as soon as possible.

n “I felt that he was very friendly. So from now on, I have the impression that we can talk frankly,” he said.

n Three of the people familiar with the planning, who declined to be identified due to the sensitivity of the matter, said Japan was aiming to arrange a meeting between Ishiba and Trump just after a 18-19 November summit of the Group of 20 large economies in Brazil. The fourth source said Japan was aiming to arrange the stopover “around” the G20 meeting.

n Trump’s office did not immediately respond to a request for comment.

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It is approaching 1am US Eastern Time. Here is where things stand on Thursday:

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n
• n

  Trump has won every key swing state that has been called – Georgia, Wisconsin, North Carolina, Michigan and Pennsylvania. Nevada and Arizona haven’t been called yet but appeared to be leaning Republican.

n

• n

  Republicans now have a Senate majority, which will give Trump far more leverage to enact his legislative agenda and, crucially, confirm judicial and executive nominees.

n

• n

  Control of the US House of Representatives remains unclear, with many of the most competitive races still uncalled.

n

• n

  Joe Biden, who ended his campaign for a second term in July and endorsed Kamala Harris, only to see her lose to Donald Trump yesterday, paid tribute to his vice-president in a just-released statement.

n

• n

  Donald Trump’s campaign said the president-elect had spoken to Joe Biden, and accepted his invitation for a meeting to discuss transitioning between administrations at the White House.

n

• n

  Initial analysis suggests that Black women remain the most reliable Democratic voters while Harris suffered significant losses among both Latino women and men.

n

• n

  Special counsel prosecutors will shut down their criminal cases against Donald Trump before he takes office, according to two people with direct knowledge of the matter.

n

• n

  Abortion rights supporters celebrated a handful of victories on Tuesday night, as several states voted to enshrine protections for the procedure into their constitutions.

n

• n

  Trump has received calls and congratulations from across the globe, including from Keir Starmer,Emmanuel MacronandBenjamin Netanyahu.

n

• n

  The Obamas, Bernie Sanders, Elizabeth Warren and other high-profile Democrats and progressives have released statements addressing the stunning loss.

n

• n

  The former Australian prime minister Kevin Rudd, who is now ambassador to the US, has deleted social media posts critical of president-elect Donald Trump to avoid the comments “being misconstrued”, officials confirmed.

n

• n

  The House speaker, Mike Johnson, is running for re-election, he announced in a letter late on Wednesday, and the House majority leader, Steve Scalise, is running for his position again. In his own letter, Scalise outlined the Republicans’ plans for their first 100 days in government. The priorities include, “lock in the Trump tax cuts”, “unleash American energy” and “surge resources to the southern border”, among other measures, Scalise writes.

n

• n

  Chinese President Xi Jinping on Thursday said Beijing and Washington must find a way to “get along” in a message to Trump, state media said.

n

• n

  Taiwan will help companies relocate production from China given the likely large impact on them from tariffs Trump has promised to impose on the country, Economy Minister Kuo Jyh-huei said on Thursday.

n

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While Kemi Badenoch was the first politician since the US presidential election result to publicly challenge Keir Starmer over Labour’s previously tense relationship with Donald Trump, she is unlikely to be the last.

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Yet the UK prime minister, according to government sources, is less anxious about the return of the divisive populist to the White House than the new Tory leader, and many in his own party, might have assumed.

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It is true that Starmer may have found a more natural ally in Kamala Harris had she made it to the Oval Office, but his team has spent years preparing for the possibility of a Republican victory – building relationships and, crucially, bridges.

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“We’re more relaxed [with the result] than people might think,” one senior official said. “Keir has already had a couple of conversations with Trump and they went very well. Trump likes winners and he sees Keir as someone who ‘won big’.”

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As the election approached, the government became increasingly convinced Trump would win. “It wasn’t a huge surprise, even if it wasn’t the outcome we hoped for,” a source said. “We had been worried the Dems did not have enough of an economic offer to get Kamala over the line.”

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Downing Street had gameplanned a series of outcomes for the election, depending on whether broadcasters called the race and the numbers available at any stage. They were even ready for a scenario in which Trump declared himself the victor even though the race was too close to call.

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Taiwan will help companies relocate production from China given the likely large impact on them from tariffs incoming US President Donald Trump has promised to impose on the country, Economy Minister Kuo Jyh-huei said on Thursday.

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A threat by Trump, who will take office in January, to impose 60% tariffs on US imports of Chinese goods poses major growth risks for the world’s second-largest economy.

n Taiwanese companies have invested billions of dollars in China over the past four decades, taking advantage of historically lower costs, but Taiwan’s government, wary of stepped up pressure from Beijing to accept Chinese sovereignty claims, has been encouraging its firms to move investment elsewhere.

n Speaking in parliament, Kuo said the impact of any Trump tariffs on China for Taiwanese firms manufacturing there would be “quite large”, Reuters reports.

n “We will as soon as possible come up with help for Taiwan companies to move their production bases,” he added, without giving details.

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The mood was calm and sober on the Howard University campus as people waited to hear vice-president Kamala Harris’s concession speech on Wednesday afternoon. An area that is usually the central hub of campus life, the Yard, was mostly filled with Harris campaign staff, media and members of the public.

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Harris appeared about 25 minutes after her scheduled time and opened with a message on unity, building community and coalitions. “My heart is full today,” Harris said. “Full of heart for my country, and full of resolve.

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“Hear me when I say that the light of America’s promise will always burn bright. As long as we never give up and as long as we keep fighting.”

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Harris encouraged young people to acknowledge their power and to believe in the impossible. “At this time, it’s necessary that people not become complacent,” she added, “but to commit to organizing and mobilizing.” Harris encouraged her supporters to embrace “the light of optimism” and of service.

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“Hear me when I say that the light of America’s promise will always burn bright. As long as we never give up and as long as we keep fighting.”

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Democratic Representative Raul Ruiz won reelection to a US House seat representing California on Wednesday. Ruiz was first elected to the House in 2012 when he defeated Republican incumbent Mary Bono.

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His district encompasses all of Imperial County and parts of Riverside and San Bernardino counties, including the cities of Indio, Coachella, Calexico, Hemet and Needles. A physician, Ruiz worked in the emergency department at Eisenhower Medical Center in Rancho Mirage, California. He defeated Republican Ian Weeks.

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Chinese President Xi Jinping on Thursday said Beijing and Washington must find a way to “get along” in a message to US president-elect Donald Trump, state media said.

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Trump’s victory heralds a possible shift in US-China relations, frayed in recent years by tensions over everything from trade to the status of the self-ruled island of Taiwan.

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In a congratulatory message to Trump, Xi “pointed out that history has shown that China and the United States benefit from cooperation and suffer from confrontation”, state broadcaster CCTV said.

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“A stable, healthy and sustainable China-US relationship is in the common interest of both countries and is in line with the expectations of the international community,” Xi said.

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He called for Washington and Beijing to “strengthen dialogue and communication” and “properly manage differences”.

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The two countries must “find a correct way … to get along in this new era, to benefit both countries and the world”, Xi said.

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Hello and welcome back to our live coverage of the US election.

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After decisively winning the presidential election, US president-elect Donald Trump will select personnel to serve under his leadership and enact policies that “make the life of Americans affordable, safe, and secure” in the days and weeks ahead, his campaign said on Wednesday.

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Earlier, Kamala Harris conceded the election to Trump, delivering a speech at her alma mater, Howard University, telling supporters not to despair, and saying, “While I concede this election, I do not concede the fight that fuelled this campaign.”

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Here are the other key recent developments:

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  Trump has won every key swing state that has been called – Georgia, Wisconsin, Michigan and Pennsylvania. Nevada and Arizona haven’t been called yet but appeared to be leaning Republican.

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  Republicans now have a Senate majority, which will give Trump far more leverage to enact his legislative agenda and, crucially, confirm judicial and executive nominees.

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  Control of the US House of Representatives remains unclear, with many of the most competitive races still uncalled.

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  Joe Biden, who ended his campaign for a second term in July and endorsed Kamala Harris, only to see her lose to Donald Trump yesterday, paid tribute to his vice-president in a just-released statement.

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  Donald Trump’s campaign said the president-elect had spoken to Joe Biden, and accepted his invitation for a meeting to discuss transitioning between administrations at the White House.

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  Initial analysis suggests that Black women remain the most reliable Democratic voters while Harris suffered significant losses among both Latino women and men.

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  Special counsel prosecutors will shut down their criminal cases against Donald Trump before he takes office, according to two people with direct knowledge of the matter.

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  Abortion rights supporters celebrated a handful of victories on Tuesday night, as several states voted to enshrine protections for the procedure into their constitutions.

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  Trump has received calls and congratulations from across the globe, including from Keir Starmer,Emmanuel MacronandBenjamin Netanyahu.

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  The Obamas, Bernie Sanders, Elizabeth Warren and other high-profile Democrats and progressives have released statements addressing the stunning loss.

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  The former Australian prime minister Kevin Rudd, who is now ambassador to the US, has deleted social media posts critical of president-elect Donald Trump to avoid the comments “being misconstrued”, officials confirmed.

n

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  The House speaker, Mike Johnson, is running for re-election, he announced in a letter late on Wednesday, and the House majority leader, Steve Scalise, is running for his position again. In his own letter, Scalise outlined the Republicans’ plans for their first 100 days in government. The priorities include, “lock in the Trump tax cuts”, “unleash American energy” and “surge resources to the southern border”, among other measures, Scalise writes.

n

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Nevada on verge of voting Republican for first time in two decades

Maanvi Singh

Nevada appears to be on the precipice of electing a Republican to the White House for the first time in two decades.

“I feel so happy right now, I feel fantastic,” said Yolanda Wright, 47, beaming as state after state lit up red on the big screen at the Republican watch party in Las Vegas. Like many voters in this swing state, Wright voted with the GOP for the first time this year.

“I’ve been a Democrat my whole life,” she said. “And I haven’t seen any benefit from it.”

The Associated Press has yet to project Donald Trump as the winner of the presidential race in the Silver state, and it could take days before all the state’s mail-in ballots are counted and a true tally of votes is revealed. Regardless of the final results, the former president’s political gains in this deeply diverse state are emblematic of a national political realignment.

“Here it’s clear that what we knew as true in politics, a lot of the normal rules we had, those are dead and gone,” said Mike Noble, an independent pollster who has been studying the electorate in Nevada, Arizona and Utah. “Now we have new rules, a new game to play.”

In a state with one of the largest proportions of working-class voters and blue-collar workers, where the economy is dominated by the service and entertainment, as well as mining and construction, a populist message seems to have overcome prior political allegiances. Voters who felt trapped in a dark economic rut chose the person they thought would bring the most change.

Exit polls indicate that more than half of white and Asian voters, and about half of Hispanic/Latino voters cast ballots for Trump. Both the NBC and Washington Post exit polls found that majorities of white women and white men without a college degree backed Trump, and polls suggest he had also gained support among non-white voters without college degrees. Overwhelming majorities of those who voted for Trump said the economy was doing poorly.

Reuters reports that Hezbollah lawmaker Ibrahim al-Moussawi said on Thursday, when asked about Donald Trump’s election victory, that the group welcomes any effort to stop the war in Lebanon but does not pin its hopes for a ceasefire on any particular US administration.

European leaders struggle for show of unity in wake of Trump victory

Jon Henley

European leaders are gathering in Budapest for two days of top-level talks that should give an indication of how united the continent can remain in response to Donald Trump’s second term as US president, but could also reveal its divisions.

Hosted by Hungary’s authoritarian prime minister, Viktor Orbán, a Trump ally who has enthusiastically hailed the Republican candidate’s re-election, the EU27’s leaders are being joined on Thursday by the Turkish president, Recep Tayyip Erdoğan, the UK’s Keir Starmer, the Nato secretary general Mark Rutte and Ukraine’s president Volodymyr Zelenskyy.

On the agenda for the long-scheduled meeting of the European Political Community were support for Ukraine, migration, global trade and economic security, with an informal EU leaders’ summit on Friday due to focus on the bloc’s declining competitiveness, laid bare in a report by the former Italian leader Mario Draghi.

Leaders were upbeat as they arrived, stressing the need for a strong Europe and effective transatlantic cooperation with Trump, whose return to the White House could herald an abrupt halt to US support for Ukraine and a potentially damaging trade war with Europe.

Europe aims to be a “respected partner” and deepen its ties with the US, the president of the European council, Charles Michel, said, while recognising “some differences”. The commission’s president, Ursula von der Leyen, said the bloc must maintain unity.

“We have shown Europe can take responsibility by standing together – we showed it during the pandemic and the energy crisis,” she said. “If we are facing challenges, no country can handle them alone but by standing together we can overcome them.”

Von der Leyen said she was looking forward to working with Trump again “in a good manner … to strengthen the transatlantic bond” based on a clear-headed analysis of shared interests. “The future of Europe is in our hands,” she said.

Trump’s victory adds record $64bn to wealth of richest top 10

Dan Milmo

The wealth of the 10 richest people in the world – a list dominated by US tech billionaires – increased by a record amount after Donald Trump’s victory in the presidential election, according to a widely cited index.

The Bloomberg Billionaires Index estimated that the world’s 10 wealthiest people gained nearly $64bn (about £49.5bn) on Wednesday – the largest daily increase since the index began in 2012.

Elon Musk, the world’s richest person, registered the largest increase with a $26.5bn addition to his fortune, which now stands at $290bn. Musk, a prominent backer of Trump’s campaign, benefited from a surge in the share price of Tesla, the electric carmaker where he is chief executive and in which he owns a 13% stake.

The gains came as tech business leaders, including Amazon’s Jeff Bezos, Mark Zuckerberg, chief executive of Facebook parent Meta, and Apple’s Tim Cook publicly congratulated Trump on his election win.

Much of the gains for the top 10 were because of a surge in US stocks on Wednesday as investors anticipated a low-tax and regulation-light policy platform.

Other beneficiaries were Bezos, the founder of Amazon and the world’s second richest person, who added $7bn to his near-$230bn fortune, and Larry Ellison, the chair of the software company Oracle, historically a Republican supporter, who increased his wealth by $9bn to $193bn.

Other members of the top 10 whose wealth grew included Microsoft’s co-founder Bill Gates, the former Microsoft chief executive Steve Ballmer, and Google’s co-founders Larry Page and Sergey Brin.

What has been the reaction to Kamala Harris’s election loss?

After Tuesday’s election, and subsequent sweeping victory for Donald Trump, vice-president Kamala Harris’s gave her concession speech on Wednesday afternoon. But, what has been the reaction to Harris’s loss and what does it mean for the Democratic party and its supporters?

After Harris’s concession speech, her supporters expressed shock, grief and disillusionment as they reflected upon the harrowing hours since the election was called for Trump. Instead of feeling galvanized to build resistance movements, voters said that they needed time to rest and reset before thinking of next steps after the election.

Nadia Brown, a political science professor at Georgetown University and a fellow Howard University alumna, had watched the election results pour in from the campus on election night. For Brown, she said that the election results posed “larger questions to ask around what the Democratic party needs to do to maintain the core voting bloc”.

The Democratic pollster Paul Maslin argued that Harris did as well as she could have, given the environment and circumstance. Harris “did a really good job”, Maslin told Politico, but ultimately “this race was unwinnable”.

“Trump, rightly or wrongly, his persona and his fundamental attack line against the condition of the country, the Biden-Harris administration and frankly the Democratic party, was in the end unbeatable,” he said.

CNN’s national political correspondent Alex Thompsonnoted that a former adviser to Joe Biden criticised the Harris campaign, asking: “How do you spend $1bn and not win?”

Others, Thompson said, have suggested that Joe Biden should have exited the race sooner.

He said one longtime Democratic operative told him the party “sleepwalked into disaster” on Tuesday night, adding that “swapping the pitcher in at the sixth inning wasn’t enough, and that Kamala Harris did as good of a job as she could have done”.

Mark Longabaugh, a veteran Democratic strategist who previously advised Senator Bernie Sanders, also said Harris was handed the reins “too late”, adding that it was a “tough environment” according to Politico.

Others, such as Lindy Li, a senior Democratic official in Pennsylvania, are questioning whether the outcome would have been different if Harris had chosen a different vice-presidential candidate, such as the governor of Pennsylvania, Josh Shapiro.

Li argued to Fox News that the moderate Shapiro would have conveyed to American voters that Harris is not the “San Francisco liberal” Trump portrayed her to be. “But she went with someone actually to her left,” Li said, referring to the Minnesota governor, Tim Walz, whom Harris chose as her vice-presidential pick.

Li also criticised the Harris campaign for not distinguishing Harris enough from Biden, a point that has been echoed by other operatives and commentators in the last few weeks.

Some pointed to Harris’s appearance on the talkshow The View, when she was asked if there was anything she would have done differently than Biden and responded: “There is not a thing that comes to mind.”

David Sirota, who was a senior adviser for Sanders’s 2020 presidential campaign, described Tuesday night as a “very bad night”.

“Some of us spent years warning Dems to take working-class politics more seriously & to not tout neocons,” he said. “We did so in hopes of avoiding this & yet we were vilified as traitors by Dem elites & liberal pundits. There’s a lesson here.”

Another former Bernie Sanders staffer, Jeff Weaver, told Politico that the Democratic party now needed to “re-establish its relationship with the working-class people”.

Nato’s secretary general, Mark Rutte, said on Thursday that he aimed to work jointly with returning US leader Donald Trump in confronting the “dangerous new developments” linked to North Korea’s entry into the Russian war on Ukraine.

“What we see more and more is that North Korea, Iran, China, and of course Russia are working together, working together against Ukraine,” Rutte told reporters at a European leaders’ meeting in Budapest, according to Agence France-Presse (AFP).

“This is more and more a threat, not only to the European part of Nato, but also to the United States – because Russia is delivering the latest technology into North Korea,” he warned.

“I look forward to sit down with Donald Trump to discuss how we can face these threats collectively,” Rutte said.

Donald Trump coasted back into the White House by a wide margin in Tuesday’s presidential election, with the Republican’s bombastic style and extreme policy proposals appealing to more than 70 million voters across all 50 states.

His victory also meant misery for Democrats, and Kamala Harris, who was attempting to become the first woman to become president of the US, but who ultimately fell way short, crucially in the handful of swing states that decided the outcome.

Richard Luscombe runs through the 10 key takeaways from a historic election here:

European Commission president, Ursula von der Leyen, said on Thursday that she was looking forward to working with US president-elect Donald Trump again to strengthen the transatlantic bond, reports Reuters.

“I have some experience with working with President Trump,” she said, adding it was very important that the two “analyse together what our shared interests are and work on that.”

The Kremlin said on Thursday it did not rule out the possibility that some form of contact could take place between Russian president, Vladimir Putin, and US president-elect Donald Trump before the latter’s inauguration in January, Reuters reports citing the Interfax news agency.

Putin has not yet commented on Trump’s election win but is due to speak and take questions at a conference later on Thursday.

The Kremlin reacted cautiously on Wednesday after Trump was elected US president, saying the US was still an unfriendly state and that only time would tell if Trump’s rhetoric on ending the Ukraine war translated into reality.

Carter Sherman

Abortion, the issue thought to be the magic bullet that would mortally wound Donald Trump’s chances at a second presidency, instead failed to stop him on Tuesday. Now, two years after a conservative supermajority on the US supreme court ended federal protections for the procedure, the future of American abortion access is facing a new chapter of extraordinary peril.

While seven states passed ballot measures to amend their state constitutions and protect abortion rights, Trump’s return to the White House means those hard-fought efforts may amount to nothing. Despite the gridlock in US Congress, a nationwide abortion ban could soon become a reality: anti-abortion advocates hope that Trump will resurrect a 19th-century anti-vice law to effectively implement a nationwide ban. Access to other forms of reproductive healthcare, such as contraception and in vitro fertilization, are also at risk.

Because he’s barred from a third term Trump can now do whatever he wants without fear of electoral consequences, said Mary Ziegler, a professor at the University of California, Davis who studies the legal history of reproduction.

“He’s playing with house money,” Ziegler said. “He can do whatever he’s going to do without fear of conservative Christian voters, without fear of swing voters, without fear of anybody. And he doesn’t have Roe v Wade and he has a conservative supreme court, so that means he could do really aggressive things to limit abortion or IVF – or not. We don’t know.”

In the two years since the high court overturned Roe, abortion became an issue that seemed to spell electoral promise for the Democrats. Before Tuesday, abortion rights advocates had triumphed in all seven states that held related ballot measures. Public support surged, including in red states.

But the outrage and activism did not translate into enough votes for Kamala Harris, who made defending abortion rights a bedrock of her campaign.

Nor did Tuesday’s abortion-related ballot measures necessarily boost Democratic turnout in critical swing states such as Arizona and Nevada.

Hugo Lowell

Special counsel prosecutors will shut down their criminal cases against Donald Trump before he takes office, according to two people with direct knowledge of the matter, after his stunning victory against Kamala Harris meant they would not proceed to trial.

The move reflects the reality that the cases will not be completed before inauguration day. Once the former president returns to the White House, the special counsel’s office would be prohibited from pursuing further criminal actions under justice department policy.

The justice department has long known that if Trump won, the criminal cases – over Trump’s retention of classified documents and his efforts to overturn the 2020 election – would be finished because Trump’s attorney general would likely drop the charges.

But it is also understood to be a preemptive measure to ensure that Trump will not be able to order the dismissal of the special counsel, Jack Smith, as he had vowed to do if he takes office and Smith remained in his role.

That possibility had been relished by Trump’s close aides and advisers, who privately imagined Trump ordering Smith’s removal and his team having to vacate their office space in Washington.

The justice department is still examining how to wind down the cases, which are in different stages and are complicated. In particular, the department does not want the classified documents case, which was dismissed and currently under appeal, to go unchallenged.

Failure to pursue an appeal over the dismissal of the classified documents case on grounds that the special counsel himself was illegally appointed could set a problematic precedent and hamper the department’s ability to use special counsels in the future.