US tech billionaires made a record $59 billion after Thursday's market rally, granting respite from a very bad year for tech stocks
- 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 market rally 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 the October consumer price index showed 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 Bloomberg, as much of the billionaires' fortunes is tied to their share holdings in listed tech companies.
Amazon 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 CEO Andy Jessy is undertaking a cost-cutting review, the Wall Street Journal reported Thursday. About 80% of Bezos's net worth is derived from his stake in Amazon, per Bloomberg.
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 Microsoft CEO Steve Ballmer saw his net worth rise $5.9 billion, while Alphabet 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 Nasdaq 100 index closed 7.5% higher on Thursday, but is still 29% lower this year so far.
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