US Tech Billionaires Added $59 Billion in Richest Day Ever as Nasdaq Surged 7.5%

The markets reacted dovishly to the US CPI moderating after resurging in August with aggressive Fed interest rate rises. The repricing of risk was furious, plunging Treasury yields a weakening dollar and big gains in mega cap stock. The Vanguard Mega Cap Growth ETF (MGK) closed up 8.0%. The Nasdaq soared +654.23 or 6.36%. The big winners were the big Techs, Amazon, Google, Microsoft, Apple and even beaten down Tesla. US tech Bloomberg billionaires’ fortunes rose $59 billion, a one-day record

The U.S. Dollar Index plunged 2.5% to 107.74, the 10-yr note yield fell 32 basis points to 3.83% and the 2-yr note yield fell 33 basis points to 4.31%. 

The 6.36% move in the Nasdaq was the highest percentage gain since April 2, 2020. Overtaking the post Covid largest percentage gain of 4.06%. US tech billionaires with their holdings in the mega techs had their best day ever, adding $59 billion to their fortunes.

Mega Tech Surges Today

  • Inc 96.63 ▲ 10.49 (+12.18%)
  • Meta 111.87▲ +10.40 (+10.25%)
  • Apple 146.87 ▲ +12.00 (+8.90%)
  • Microsoft 242.98 ▲ +18.47 (+8.23%)
  • Alphabet 94.17 ▲ +6.77 (+7.75%)
  • Tesla $190.72 ▲ +13.13 (+7.39%)
  • Oracle 77.17 ▲ +1.51 (+2.00%)
  • Vanguard Mega Cap Growth ETF (MGK) $182.39+13.44 (7.96%)

The Billionaires Biggest Winners Today

US tech Bloomberg billionaires’ fortunes rose $59 billion, a one-day record. The 32 US tech billionaires on the wealth list generally made their fortunes through the companies they founded.

Jeff Bezos was the biggest winner among those on the Bloomberg Billionaires Index, his net worth rose $10.5 billion after introduced cost cutting review that will focus on business units that are unprofitable, according to WSJ. That sent Amazon shares up 12%, the most since February.

About 80% of Bezos’s $120 billion net worth comes from his Amazon holdings. Still even with the one-day gain, Bezos’s wealth has dropped almost $73 billion this year amid the broader tech stock decline. Bezo’s ex Wife MacKenzie Scott saw her wealth jump $3.1 billion.

Elon Musk added $9.6 billion as shares of Tesla climbed, back from 52-week lows.

Larry Page and Sergey Brin, co-founder sof Alphabet Inc., had $5.3 billion and $5.1 billion increases respectively.

Steve Ballmer and Bill Gates former chief executive officer and founder of Microsoft Corp. gained $5.9 billion and $3.5 billion increases respectively.

Larry Ellison chairman and chief technology officer and cofounder of software giant Oracle, of which he owns about 35% saw his wealth rise $2 billion.

Jensen Huang the CEO & President of NVIDIA added $1.8 billion

The Bloomberg index tracks the wealth of the world’s 500 richest people, who collectively added $168 billion to their fortunes on Thursday, the fourth-highest total on record.

Source: Bloomberg

From The TradersCommunity Research Desk