After Market Rally, US Tech Billionaires made Record $59B

• According to Bloomberg, the record-breaking $59 billion in US tech billionaires was made after Thursday’s rally.
• After Amazon’s stock price closed 12% higher Thursday, Jeff Bezos added $10.5 million to his fortune.
• The tech-focused Nasdaq 100 index closed 7.5% higher on Thursday, but is still 29% lower this year so far.

A Market rallyOn Thursday, the wealth of US tech billionaires soared by record amounts in a single day. This was a relief after a tough year for tech stocks. 

After the US election, stocks rose by as much as 7 percent. The October consumer price Index was publishedInflation slowed, indicating that there were hopes that the Federal Reserve would reduce its interest rate increases.

These 32 tech billionaires have collectively increased their net worth by $59 billion on Thursday. Bloomberg,Billionaires’ fortunes are linked to their shares in tech companies.

AmazonJeff Bezos, founder of Amazon, came in pole position, recording the largest one-day increase in net worth at $10.5 billion to $119.6 million. News that the ecommerce giant was launching an online store saw its share price rise by 12% Andy Jessy, CEOThe Wall Street Journal reports that the Wall Street Journal is conducting a cost-cutting audit. reported Thursday. Bloomberg reports that Amazon’s stake in Bezos accounts for around 80% of his net worth.

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 MicrosoftSteve Ballmer, CEO, saw his net worth increase by $5.9 Billion. AlphabetBloomberg reported that Larry Page, Sergey Brin and Sergey Brin saw their fortunes grow by $5.3 billion each and $5.1 billion, respectively.

Tech stocks are in a slump despite the one-day rally. Market sentiment has been affected by higher inflation and higher interest rates, leading to a wide sell-off. 

Tech-focused Nasdaq100 index closed 7.5% lower on Thursday, but it is still 29% higher this year.