The world's ten richest people gained nearly a combined $60 billion on Monday as global markets rebounded hopes of easing trade tensions between the United States and China.
Wall Street Rebounds, Boosts Fortunes
According to the Bloomberg Billionaires Index, Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk‘s net worth skyrocketed by $16 billion to reach $453 billion, while Oracle (NYSE:ORCL) co-founder Larry Ellison‘s wealth increased $15.6 billion. Dell Technologies (NASDAQ:DELL) CEO Michael Dell‘s net worth increased by $6.58 billion.
Meanwhile, Meta Platforms (NASDAQ:META) CEO Mark Zuckerberg got $3.38 billion wealthier, while Amazon.com Inc. (NASDAQ:AMZN) co-founder Jeff Bezos saw his net worth go up by $2.65 billion. At the same time, Google (NASDAQ:GOOG) (NASDAQ:GOOGL) co-founders Larry Page and Sergey Brin became richer by almost $5 billion, each.
Nvidia Inc. (NASDAQ:NVDA) CEO Jensen Huang‘s wealth increased by $4.43 billion, while former Microsoft (NASDAQ:MSFT) CEO Steve Ballmer added $886 million to his net worth.
Nine of the ten richest people in the world are U.S. tech executives, with French luxury mogul Bernard Arnault, CEO of LVMH, as the sole non-tech billionaire in the top ranks.
Trump Softens China Stance
President Donald Trump’s remarks on Sunday about a potential de-escalation with China have sparked optimism among investors. He assured, “Don’t worry about China, it will all be fine,” adding that the “Highly respected President Xi just had a bad moment.” This was after the U.S. leader threatened to double tariffs on Chinese imports last week.
On Monday, the Dow Jones Industrial Average climbed 1.29% to close at 46,067.58, while the S&P 500 rose 1.56% to end at 6,654.72. Meanwhile, the Nasdaq 100 ended 2.18% higher at 24,750.25, as per Benzinga Pro.
Following Trump’s remarks, semiconductor companies like Nvidia (NASDAQ:NVDA) and Marvell (NASDAQ:MRVL) rebounded from their Friday selloff and gained 2.88% and 4.42%, respectively. The OpenAI and Broadcom (NASDAQ:AVGO) deal further boosted the overall market sentiment.
Meanwhile, Tesla’s stock also gained, following an increase in production at its Shanghai facility and a price target raise from Evercore ISI. This suggests that the market is responding positively to signs of stability and growth in the tech sector.
Experts Warn of Tech Bubble, Urge Shift to Other Assets
Nevertheless, some experts have warned of speculative complacency in the tech sector, urging a “great rotation” into other assets. Economist Justin Wolfers has also highlighted the potential risks, pointing out that the U.S. may be operating as “two economies,” with significant weaknesses in non-AI sectors.
Meanwhile, Jim Cramer pointed out, China is quickly adapting to the trade challenges posed by President Trump's tariffs and trade wars, and may now be less reliant on American markets than ever before. This could potentially impact the future performance of U.S. stocks and the economy.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
