"The world's 500 richest people made $265 billion yesterday, according to the Bloomberg Billionaires Index. With the Dow Jones Industrial Average jumping 2.85% and the S&P 500 soaring by 2.51%, it was the second-largest single-day profit since the index was created in 2012."
"Meta CEO Mark Zuckerberg made the most gains and added $12.8 billion to his personal net worth as Meta shares—of which Zuckerberg owns about 13%—rose 6.5%. Luxury goods billionaire Bernard Arnault had the second-highest gains with $9.89 billion."
"The rally won't offset that the 500 wealthiest billionaires are still at a collective loss of $38.8 billion year-to-date. The world's richest man Elon Musk alone lost about $3 billion on Wednesday."
"Both the Dow and S&P 500 briefly dipped this morning before making modest gains as reports of a shaky ceasefire dominated headlines. Crude oil climbed back up to $100 per barrel on Thursday morning, as doubts grow over how the ceasefire will hold."
Wall Street traders saw a major surge as President Trump retracted a threatening statement, leading to a $265 billion gain for the world's 500 richest people. The Dow Jones and S&P 500 experienced significant increases, marking one of the largest single-day profits since 2012. Meta CEO Mark Zuckerberg and luxury goods billionaire Bernard Arnault were among the top gainers. Despite this rally, the wealthiest billionaires remain at a collective loss year-to-date, and market stability is uncertain due to ongoing geopolitical tensions and fluctuating oil prices.
Read at Fortune
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