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Elon Musk, world's 500 richest scored biggest-ever one-day wealth gain of $336 billion on June 15
At the close of trading in New York on June 15, the 500 richest people in the world recorded their biggest haul ever in a single day.
The world's 500 wealthiest people witnessed their richest day ever on Monday (June 15), adding a record $336 billion to their fortunes. Their fortunes were fuelled by a global market rally, triggered by optimism following the deal between United States and Iran to end the war.
At the close of trading in New York on June 15, the 500 richest people in the world recorded their biggest haul ever in a single day, bringing their collective net worth to a record $13.3 trillion, according to Bloomberg Billionaires Index.
This came after the deal between US and Iran, which includes the reopening of Strait of Hormuz and efforts to restore the global oil supply, spurred a rally in the riskier corners of Wall Street. Stocks climbed as advance in equities drove the S&P 500 higher by 1.7% on Monday, Bloomberg reported.
Meanwhile, the tech-heavy Nasdaq 100 added 3.1% and the Dow Jones Industrial Average too hit all-time highs.
Musk leads wealth surge, gains $164 billion in a day
Elon Musk, owner of Space X and the world's first trillionaire, led the record wealth surge on Monday, adding $164 billion to his net worth. Musk extended his lead over others with his net worth rising more than 10% to $1.27 trillion.
This came a week after Musk's Space Exploration Technologies Corp. made a blockbuster debut as a public company. Upon the debut, Elon Musk's rocket company instantly became one of the highest-valued in the US, with a market capitalisation of $2.1 trillion.
The optimism thus pushed up the Dow Jones Industrial Average to a record, with Nasdaq 100 and the MSCI World Index also ending at all-time highs, Bloomberg reported. With Musk on the lead, SpaceX was the wealth rally's biggest driver on Monday, motivating retail traders to purchase shares. SpaceX's market value surged 20 per cent, thus contributing to Musk's lead, which was almost equal to the combined gain of the other 499 people on Bloomberg’s index.
US stocks stall near record highs on Tuesday
However, markets turned cautious on Tuesday as the rally that had propelled US stocks to the brink of record highs paused before the first Federal Reserve rate decision under Kevin Warsh.
While the S&P 500 fell, the Nasdaq 100 dropped about 2 per cent. This comes owing to uncertainty around the Fed decision. While the Warsh-led meeting may not deliver a hike, it will provide a signal as to how Warsh is looking to approach inflation, Bloomberg reported citing Bret Kenwell at eToro.
