Tech billionaires earn $59 billion in one day

Billionaires from American technology companies achieved record profits, after the sharp rise in the stock markets in the United States, adding to their fortunes 59 billion dollars in just one day.

A report published by “Business Insider” and seen by “Al Arabiya Net” said: Market recovery on Thursday The past sent American tech billionaires’ fortunes up a record for a single day, giving them a respite from a grueling year for tech stocks.

US stocks rose as much as 7% on Thursday, after the October Consumer Price Index showed inflation had eased, raising hopes that the Federal Reserve will slow interest rate hikes.

Thanks to this, 32 tech billionaires collectively added $59 billion to their net worth on Thursday, Bloomberg News reported, as much of the billionaires’ fortunes are tied to their holdings in listed tech companies.

Amazon founder Jeff Bezos came in first place, with the biggest jump in his net worth in a single day, as his fortune rose by $10.5 billion to reach $119.6 billion.

And the Wall Street Journal reported that the e-commerce giant’s share prices rose 12% on news that CEO Andy Jesse is conducting a cost-cutting review.

Tesla CEO Elon Musk – who is also the richest person in the world – was the second biggest gainer from the rise of technology stocks last Thursday, as his fortune jumped by $9.6 billion to $184 billion, according to what Bloomberg monitored.

Former Microsoft CEO Steve Ballmer recorded a net worth increase of $5.9 billion, while the founders of Alphabet Inc., which owns Google, Larry Page and Sergey Brin, saw their fortunes rise by $5.3 billion and $5.1 billion. Straight.

Technology stocks in the US markets have been in chaos this year, as rising inflation and a rise in interest rates weighed on market sentiment causing a massive sell-off.

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

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