- US tech billionaires made a record $59 billion after Thursday's market rally, per Bloomberg.
- Jeff Bezos added $10.5 billion to his fortune after Amazon's share price closed 12% higher on Thursday.
A $4 on Thursday sent US tech billionaires' wealth soaring by a record amount for a single day, granting respite from a brutal year for tech stocks.
US stocks surged as much as 7% on Thursday, after $4 inflation cooled, sparking hopes that the Federal Reserve would slow its interest rate hikes.
Thanks to this, 32 tech billionaires collectively added $59 billion to their net worth on Thursday, per $4 as much of the billionaires' fortunes is tied to their share holdings in listed tech companies.
$4 founder Jeff Bezos came in at pole-position, netting the biggest one-day jump in net worth, as his fortune soared by $10.5 billion to $119.6 billion. The ecommerce giant's share prices rose 12% on news that $4 is undertaking a cost-cutting review, the Wall Street Journal $4 Thursday. About 80% of Bezos's net worth is derived from his stake in Amazon, per Bloomberg.
$4 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 $4
Former $4 CEO Steve Ballmer saw his net worth rise $5.9 billion, while $4 co-founders Larry Page and Sergey Brin saw their fortunes rise by $5.3 billion and $5.1 billion respectively, according to Bloomberg.
Despite the one-day rally, tech stocks have been in a funk this year. Rising inflation and an uptick in interest rates have weighed on market sentiment, causing a broad sell-off.
The tech-focused $4 100 index closed 7.5% higher on Thursday, but is still 29% lower this year so far.