Musk Hits 'Jackpot' with Trump Tariff Delay… Earns 52 Trillion Won in One Day
Summary
- It was reported that President Trump's announcement of a mutual tariff imposition delay led to a sharp rise in the New York stock market, bringing significant profits to investors.
- Elon Musk's Tesla stock rose by 22.69% due to this measure, increasing his net worth by $36 billion.
- Amidst the significant increase in the wealth of major billionaires, Mark Zuckerberg and Jensen Huang also recorded significant asset increases.
U.S. President Donald Trump's announcement on the 9th (local time) of a 90-day mutual tariff imposition delay has handed a jackpot worth tens of trillions of won to global billionaires.
Bloomberg News reported that the wealth of the world's top 500 billionaires included in the Bloomberg Billionaires Index increased by $340 billion (about 495 trillion won) in one day. This is the largest increase in a single day since the billionaire index was created in 2013.
This is due to the New York stock market's sharp rebound after President Trump announced a 90-day mutual tariff imposition delay on major trading countries excluding China. The Nasdaq index rose the most in 24 years since January 2001, the Dow index saw its largest daily gain since March 2020, and the S&P500 index recorded its largest daily increase since 2008.
The billionaire who benefited the most from this rising market is Elon Musk, CEO of Tesla, who is considered a close associate of President Trump. Tesla's stock price surged 22.69% in one day, increasing his net worth by $36 billion (about 52.5 trillion won). Following Musk, Meta Platforms CEO Mark Zuckerberg's wealth increased by $26 billion (about 37.9 trillion won), and Nvidia CEO Jensen Huang's wealth increased by $15.5 billion (about 22.6 trillion won).
Minseong Hong, Hankyung.com reporter mshong@hankyung.com
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
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