In a surprising market rally following former U.S. President Donald Trump’s announcement to pause tariffs, the world’s 10 richest billionaires collectively gained a staggering $135 billion in wealth. Here’s how.
What Happened
Followed by retaliatory tariffs imposed by China, US President Donald Trump said he would raise duties on Chinese imports to 125 percent from the 104 percent level imposed earlier this week. He also authorized a 90-day PAUSE, acknowledging over 75 countries that are currently negotiating trade terms and have not retaliated against his recent tariff escalations.
Treasury Secretary Scott Bessent later clarified that while the US would pause its ‘reciprocal’ tariffs on key trading partners, a 10 percent blanket duty on nearly all imports would remain in effect. Existing tariffs on autos, steel, and aluminum also continue unchanged.
Benchmark Index S&P 500 & the tech-heavy Nasdaq Composite surged 9.50 percent and 12.15 percent, respectively, with several stocks rallying over 20 percent. The Small-cap Index of the US, the Russell 2000 Index, rallied close to 9 percent.
Surge in Networth of Top Individuals
Followed by the move and norms imposed by Trump, the stock market rallied and delivered never-seen gains to the awaited and impatient investors, thereby surging their money as well as that of the individuals who run big businesses and have named themself as the world’s richest individuals.
Firstly Elon Musk, the world’s richest person, gained the most his net worth jumped by $35.9 billion to $326 billion, Meta CEO Mark Zuckerberg saw the second-largest gain, rising $25.8 billion to $207 billion, Amazon founder Jeff Bezos added $18.5 billion, taking his wealth to $210 billion.
Followed by Warren Buffett’s fortune increased by $8.1 billion to $162 billion, Oracle’s Larry Ellison gained $15.5 billion to reach $159 billion, Microsoft co-founder Bill Gates saw his net worth rise by $4.8 billion to $152 billion, Larry Page of Google and Steve Ballmer of Microsoft now both hold wealth worth $142 billion, after respective gains of $11 billion and $11.2 billion.
Written by Sanjay G
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