US tech billionaires had their best day yet after Thursday’s stock market rally

America’s tech billionaires just had their best day ever. Their wealth increased by $59 billion, a record one-day increase, as stocks rallied on Thursday. In Thursday’s US stock market, the S& P 500 rose 5.5% and the Nasdaq 100 rose 7.5%.

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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.

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. Shares of Amazon soared 12%, the most 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.

(via)