President Donald Trump's 90-day tariff pause announcement on Wednesday sent the stock market soaring. The President's announcement was a boon for the world's wealthiest people as they added $304 billion to their combined net worth on Wednesday - the largest one-day gain in Bloomberg Billionaires Index's history. The largest individual gainer Wednesday was Tesla CEO Elon Musk, who added $36 billion to his fortune, Bloomberg reported.
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The stock markets soared after US President Donald Trump pledged to pause tariffs on some trading partners. 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. However, it was payday on Wednesday as the total wealth gain beat the previous record of $233 billion set in March 2022.
How much Trump's tech bros gained?
The largest individual gainer on Wednesday was Tesla CEO Elon Musk, who added US$36 billion to his fortune as the electric vehicle manufacturer’s stock jumped 23 per cent, Bloomberg revealed. On the second position was Meta owner Mark Zuckerberg who 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%. Ernest Garcia III, CEO of Carvana Co., emerged as the biggest winner in percentage terms, with his net worth climbing by 25%.
Apple shares jumped over 15%, while Walmart saw a 9.6% gain. When Trump announced the tariff pause at 1:18 PM ET, the Dow was already up around 350 points. But in a matter of moments, the 30-stock index skyrocketed by more than 2,000 points.
President Donald Trump on Wednesday announced a 90-day pause on his sweeping tariffs on all countries, barring China - a move that seemed nearly impossible just 24 hours ago. According to Trump, who had introduced the slew of tariffs to address the alleged trade imbalance with the US, over 75 countries had negotiated and not retaliated against him - which led to the pause. During the 90 days, a significantly reduced reciprocal tariff of just 10 per cent would be in effect, he said.
Trump addressed reporters after the announcement of the pause on tariffs - it indicated that the decision was more of an impulse-driven one rather than a mapped-out strategy.
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."
