Tech billionaires make $59 billion in one day

Wealthy billionaire owners of American tech companies have enjoyed record profits, after soaring US stock markets, as they added $59 billion to their wealth in a single day.

A report published by “Business Insider” and viewed by “Al Arabiya Net” states: Markets rebound on Thursday The past has seen the wealth of US tech billionaires increase by a record day, giving them respite from a tough year for tech stocks.

US stocks rose as much as 7% on Thursday after October’s consumer price index showed inflation had subsided, stoking hopes that the Federal Reserve will slow its rate hikes.

As a result, 32 tech billionaires collectively added $59 billion to their net worth on Thursday, Bloomberg reported, with much of the billionaires’ wealth tied to their holdings in publicly traded tech companies.

And “Amazon” founder Jeff Bezos came in at number one, getting the biggest increase in his net worth in one day, as his wealth increased by $10.5 billion to reach $119.6 billion.

The Wall Street Journal reported that the e-commerce giant’s stock price surged 12% on news that CEO Andy Jesse is conducting a cost-cutting review.

Tesla CEO Elon Musk – who also happens to be the richest person in the world – was the second-biggest winner in tech stocks hike last Thursday, as his wealth jumped $9.6 billion to $184 billion, as monitored by “Bloomberg “.

Former Microsoft CEO Steve Ballmer saw his net worth increase by $5.9 billion, while the founders of Alphabet, which owns Google, Larry Page and Sergey Brin saw their wealth increase by $5.3 billion billion and $5.1 billion.

Tech stocks in US markets have been in a state of chaos this year, as rising inflation and interest rates have impacted market sentiment, causing widespread selling.

The technology-focused Nasdaq 100 closed up 7.5% on Thursday, but is still down 29% this year.

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