The dramatic policy reversal from U.S. President Donald Trump on tariffs marked the most profitable day in history for the world’s wealthiest billionaires, as the 500 richest people saw their combined net worth skyrocket by an unprecedented $304 billion.
This historic surge was triggered by a, who announced a 90-day suspension of tariffs on select trading partners, sending global stock markets into a euphoric rally.
Trump is facing accusations of market manipulation after posting on social media that it was a “great time to buy” just hours before he made a dramatic U-turn on his trade war that led to big rises in stock markets around the world.
Shortly after US markets opened on Wednesday morning, Trump wrote on his social media platform Truth Social: “THIS IS A GREAT TIME TO BUY!!! DJT”.
Less than four hours later, he shocked investors by announcing a 90-day pause on additional trade tariffs on most countries except China, sending share indexes soaring.
The announcement came just days after Trump’s sweeping tariffs had caused turmoil across financial markets and drawn sharp criticism from top business leaders, who warned of an impending “economic nuclear winter.” However, Wednesday’s unexpected climbdown reversed that narrative almost instantly, creating massive windfalls for the ultra-rich.
Market euphoria after Trump U-turn fuels billionaire fortunes
Following Trump’s statement, the S&P 500 posted its largest single-day gain since 2008, while the Nasdaq Composite recorded its biggest rally in over 24 years. The broader market rebound sent asset prices soaring, dramatically boosting the fortunes of the global elite.
On average, the 500 individuals tracked by the Bloomberg Billionaires Index saw their net worth increase by 3.5 percent—a sharp reversal from the historic losses incurred earlier in the week due to the tariff panic. The previous daily record for wealth gains, set in March 2022 at $233 billion, was shattered.
The biggest billionaire winners of Trump’s tariff freeze
At the top of the list was Elon Musk, CEO of Tesla and longtime Trump ally, who gained a staggering $36 billion in a single day as Tesla’s shares surged 23 percent. Musk’s close alignment with the current administration appears to have once again paid dividends.
Mark Zuckerberg, CEO of Meta Platforms, followed closely, pocketing $26 billion amid a rebound in tech stocks.
Other major gainers included:
Jensen Huang, CEO of Nvidia, whose wealth climbed $15.5 billion as the chipmaker’s stock reversed a sharp weekly decline.
Ernest Garcia III, CEO of Carvana, saw his fortune jump 25%, adding $1.4 billion, making him the day’s top gainer by percentage.
Jeff Bezos, Warren Buffett, and Bernard Arnault also saw multi-billion-dollar increases in their net worths.
Global surge reaches Asia
The billionaire boom wasn’t limited to the West. In Asia, moguls also benefited handsomely from the rebound:
Masayoshi Son, chairman of Japan’s SoftBank Group, added $1.7 billion to his wealth, now totaling $11.7 billion.
Zhou Qunfei, China’s second-richest woman and head of Lens Technology, saw a 14.3 percent rise in her fortune, reaching $9.5 billion.
Tadashi Yanai, founder of fashion giant Uniqlo, gained $3.5 billion, bringing his total wealth to $47 billion.
Zhang Kongyuan, chairman of Huali Industrial Group, enjoyed a 12.9 percent increase to $8 billion.
Has Trump manipulated the markets?
Wednesday’s record-breaking gains underscore the immense influence of policy decisions on global markets and the fortunes of the ultra-wealthy. While average investors and consumers continue to grapple with inflation and economic uncertainty, billionaires saw their fortunes balloon in mere hours.
The Democratic senator Adam Schiff has called for an investigation, saying: “These constant gyrations in policy provide dangerous opportunities for insider trading.
“Who in the administration knew about Trump’s latest tariff flip-flop ahead of time? Did anyone buy or sell stocks, and profit at the public’s expense? I’m writing to the White House – the public has a right to know.”
The Democratic senator Chris Murphy also wrote on X that an “insider trading scandal is brewing … Trump’s 9:30 am tweet makes it clear he was eager for his people to make money off the private info only he knew. So who knew ahead of time and how much money did they make?”
The New York Democratic representative Alexandria Ocasio-Cortez called for all members of Congress to disclose any stocks they had bought in the past 24 hours.
Related: Trump Signals Readiness for EU Trade Deal After Mitsotakis’ Comments
