After Market Rally, US Tech Billionaires Make Record $59B

  • According to Bloomberg, the record-breaking $59 billion in US tech billionaires was made after Thursday’s rally.
  • After Amazon’s share prices closed 12% higher on Thursday, Jeff Bezos added $10.5 million to his fortune.
  • The tech-focused Nasdaq 100 index closed 7.5% higher on Thursday, but is still 29% lower this year so far.

A market rallyThursday saw US tech billionaires’ wealth soar by record amounts in one day, providing relief from a difficult year for tech stocks. 

After the US election, stocks rose by as much as 7 percent. the October consumer price index showedInflation slowed, indicating that there were hopes that the Federal Reserve would reduce its interest rate increases.

These 32 tech billionaires collectively added $59 trillion to their net worth on Wednesday, per Bloomberg,As much as 80% of billionaires’ fortunes are tied to their shares in listed tech companies.

AmazonJeff Bezos, founder of Amazon, came in pole position, netting the largest one-day increase in net worth at $10.5 billion to $119.6 million. News that the ecommerce giant was launching an online store saw its share prices rise by 12% CEO Andy JessyThe Wall Street Journal reports that the Wall Street Journal is conducting a cost-cutting review. reported Thursday. Bloomberg reports that Amazon’s stake in Bezos accounts for around 80% of his net worth.

Tesla CEO Elon Musk — also the world’s richest person — was the second-largest winner of Thursday’s tech stock rally, as his fortune jumped $9.6 billion to $184 billion, according to the Bloomberg Billionaires Index.

Former MicrosoftCEO Steve Ballmer saw a $5.9 billion increase in his net worth, AlphabetBloomberg reports that Larry Page, Sergey Brin and Sergey Brin saw their fortunes increase by $5.3 billion each and $5.1 billion, respectively.

Despite the one-day rally tech stocks have been stuck in a funk throughout this year. Market sentiment has been affected by rising inflation and higher interest rates, leading to a wide sell-off. 

The tech-focused Nasdaq100 index closed 7.5% lower on Thursday, but is still 29% higher this year.

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