Billionaires Score Best-Ever Day as Stocks Soar on Tariff Pause
The largest individual gainer Wednesday was Tesla CEO Elon Musk, who added $36 billion to his fortune.
Photographer: Aaron Schwartz/CNP/Bloomberg
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The world’s wealthiest people added $304 billion to their combined net worth on Wednesday — the largest one-day gain in the history of the Bloomberg Billionaires Index — as stock markets soared after President Donald Trump pledged to pause tariffs on some trading partners.
The S&P 500 Index jumped the most since 2008 following Trump’s mid-day announcement, reversing steep losses over the past few days and boosting the fortunes of the world’s 500 richest people by an average 3.5%. The Nasdaq Composite Index also rebounded, climbing the most in more than 24 years.