Musk to Zuckerberg: Here's how much money Trump's tech bros made after tariff pause
Posted on: Apr 10, 2025 06:28 IST | Posted by: Hindustantimes
chairman Donald Trump's 90-day tariff intermit promulgation sent the stock up securities industry rocketing and the world's wealthiest people added $304 billion to their combined net worth on Wednesday - the largest one-day gain in Bloomberg Billionaires Index's history. This comes as Meta and Tesla jumped over 10% after a week of heavy losses.
The S&P 500 rose 9.52% to 5,456.90 on Wednesday - its biggest one-day gain since 2008. The Dow Jones Industrial Average advanced 2,962.86 points, or 7.87%, and the Nasdaq Composite jumped 12.16% after the 90-day relief was announced.
Read More: 'People were yippy’: Trump mocked for weird reason behind tariff U-turn
The record day comes on the heels of last week's sell-off following President Trump's tariff announcement. However, it was payday on Wednesday as the total wealth gain beat the previous record of $233 billion set in March 2022.
The largest individual gainer from Trump's pause announcement was Elon Musk's Tesla Inc. The tech billionaire added $36 billion to his fortune after his EV maker's stock jumped 23%, Bloomberg revealed. Mark Zuckerberg gained almost $26 billion.
Next in line was Nvidia Corp.’s Jensen Huang, who saw his wealth rise $15.5 billion. The chipmaker's shares shot by 19%.
Read More: US stocks skyrocket, see record biggest one-day gains after Donald Trump's tariff pause
However, percentage-wise it was Ernest Garcia III, the CEO of Carvana Co., who came out as the winner. His fortune increased 25%.
Apple's stock soared more than 15% and Walmart rallied 9.6%. At the time Trump declared the tariff pause, at 1:18 PM ET, the Dow was about 350 points higher for the day. However, within moments, the 30-stock index surged more than 2,000 points.
Explaining why he made the pause move, Trump said: “I thought that people were jumping a little bit out of line. They were getting yippy, you know, they were getting a little bit yippy, a little bit afraid."
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