The US tech billionaires just had their best day ever. Their wealth increased by $59 billion (about 424 billion yuan), a record one-day increase, as the stock market rallied on Thursday.
▲ Bezos’ wealth soared by $10.5 billion
In Thursday’s U.S. stock market, the S&P 500 rose 5.5% and the Nasdaq 100 rose 7.5%. That stemmed from U.S. data showing that inflation fell more than expected in October, sparking bets that the Federal Reserve may stop raising interest rates sharply. Technology stocks, which have been battered this year, have led the stock market higher.
▲ The wealth of the US tech billionaires increased by $59 billion in a single day
Amazon founder Jeff Bezos emerged as the biggest winner, increasing his net worth by $10.5 billion to $119.6 billion, according to the Bloomberg Billionaires Index. Amazon’s stock soared 12%, its biggest gain since February, after reports that his successor, Amazon CEO Andy Jassy, was looking for ways to cut costs.
Musk’s wealth increment came in second. His net worth rose by $9.6 billion on Thursday to $183.8 billion and remains the world’s richest man. Former Microsoft CEO Steve Ballmer’s net worth increased by $5.9 billion. The fortunes of Google’s two founders, Larry Page and Sergey Brin, rose by $5.3 billion and $5.1 billion, respectively.