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A significant upswing in the stock market on Monday, driven by a bipartisan agreement to end the government shutdown, significantly bolstered the wealth of the world’s most affluent individuals. Eight Democratic senators joined Republicans in supporting this resolution, marking a critical moment for investors.
The Dow Jones Industrial Average climbed by 237 points, or 0.5%, while the S&P 500 increased by 1.2%. Meanwhile, the Nasdaq, known for its tech focus, surged by an impressive 2.01% by the afternoon.
The Nasdaq’s boost can be attributed mainly to Nvidia, which saw its stock jump 4.4% to approximately $196. This was complemented by gains from other tech giants like Alphabet’s Class C shares, which rose 3.2%, Tesla at 4.3%, Meta at 2%, and Palantir soaring by 8.4%.
The Dow also benefited from Nvidia’s performance, with additional contributions from Amazon rising by 1.6%, Cisco by 0.9%, Apple by 0.5%, Goldman Sachs by 1.2%, and JPMorgan Chase by 1%.
This market rally followed a pivotal Senate vote on Sunday night, where eight Democrats joined Republicans to pass a procedural motion. This move paves the way for a legislative deal intended to fund most federal agencies until January, with a final vote anticipated later that Monday.
The rise in Tesla’s stock significantly impacted CEO Elon Musk’s wealth, adding $10.1 billion and elevating his net worth to $492.3 billion, maintaining his position as the world’s richest person. Larry Ellison, at second place, saw his net worth increase by $2.8 billion to $296.4 billion. Amazon’s stock uptick boosted Jeff Bezos, in third place, by $1.9 billion to $256.4 billion. Alphabet co-founders Larry Page and Sergey Brin, in fourth and fifth places, added $5.7 billion and $5.2 billion, respectively, with their fortunes reaching $236 billion and $218.9 billion. Mark Zuckerberg of Meta, in sixth place, gained $3.8 billion, pushing his wealth to $217.1 billion. Bernard Arnault, despite not having his LVMH shares traded in the U.S., saw his wealth climb to $184.2 billion, a $4.1 billion increase. Nvidia’s success boosted Jensen Huang’s net worth by $6.1 billion to $169.5 billion, placing him eighth. Microsoft’s stock rise added $0.8 billion to Steve Ballmer’s wealth, now at $151.5 billion, in ninth place. Lastly, Warren Buffett, in tenth place, benefited from the market rally with a $0.3 billion increase, bringing his net worth to $149.4 billion.
Forbes Valuation
Tesla’s stock rise added $10.1 billion to CEO Elon Musk’s estimated net worth on Monday, increasing the world’s largest individual fortune to $492.3 billion, ranking Musk ahead of No. 2 Larry Ellison, whose net worth jumped $2.8 billion to $296.4 billion. An uptick in Amazon shares bumped No. 3 Jeff Bezos up $1.9 billion to $256.4 billion, while No. 4 Larry Page ($236 billion) and No. 5 Sergey Brin ($218.9 billion) added $5.7 billion and $5.2 billion, respectively, as Alphabet’s shares increased. No. 6 Mark Zuckerberg ($217.1 billion) added $3.8 billion to his net worth as Meta shares rose, and No. 7 Bernard Arnault, whose LVMH is not traded in the U.S., had his fortune rise to $184.2 billion after gaining $4.1 billion. No. 8 Jensen Huang’s net worth increased $6.1 billion to $169.5 billion with Nvidia leading the broader market rally, and an uptick for Microsoft’s stock added $0.8 billion to No. 9 Steve Ballmer’s fortune ($151.5 billion). No. 10 Warren Buffett ($149.4 billion) benefited from the broader gains, earning $0.3 billion.
