Bezos, Musk and 30 other Americans earn a record $59 billion in a day
American billionaires, whose wealth is based on the assets of large technology companies, got rich in a single day by a record $59 billion as a result of the market rally on Thursday, Bloomberg calculated. In total, there are 32 such billionaires on the agency’s list. As a result of trading on Thursday, November 10, the NASDAQ 100 index, which includes shares of the largest technology companies by capitalization, closed with an increase of 7.5%.
The founder of the American online giant Amazon, Jeff Bezos, came out on top in terms of capital gains. He added $10.5 billion to his fortune after Amazon’s share price surged 12% in a single trading session. Papers showed the strongest growth since February. About 80% of Bezos’ fortune, which is about $120 billion, comes from his assets in Amazon.
Elon Musk, who heads Tesla and recently acquired Twitter, is $9.6 billion richer thanks to a surge in the electric car maker’s stock.
Alphabet subsidiary Google co-founder Larry Page increased his fortune by $5.3 billion, and another Google co-founder, Sergey Brin, by $5.1 billion. Steve Ballmer, the former chief executive officer of Microsoft, has earned nearly $6 billion.
The American stock market rose on Thursday after the October consumer price index (CPI) showed a decrease in inflation compared to the previous month. This reinforced investors’ hopes that the US Federal Reserve will slow down its aggressive interest rate hikes. Technology stocks, which have been hit hard this year by sell-offs, have been the top gainers.
The S&P 500 index on the basis of trading soared by 5.54%, to 3956.37 points, the NASDAQ Composite – by 7.35%, to 11,114.15 points. The Dow Jones Industrial Average jumped 3.7% to close at 33,715.38. For the S&P 500 and NASDAQ Composite, this was the best trading day since 2020.
The world’s 500 richest people increased their fortunes by a total of $168 billion on Thursday, according to the Bloomberg Billionaires Index, the fourth-highest figure on record, the publication reported.