“Could they have possibly been forewarned?” questioned a progressive media source.
While retirees, small business owners, and everyday shoppers struggled with the disruption caused by the unpredictable tariff strategies of U.S. President Donald Trump, the world’s wealthiest saw their fortunes dramatically increase on Wednesday. This surge occurred after the Trump administration decided to put a temporary hold on the tariffs it had previously set on numerous countries.
The decision to implement a 90-day suspension led to a significant stock market surge, enhancing the net worth of global billionaires by $304 billion in just one day, as estimated by Bloomberg. This increase was noted as the “biggest single-day boost since the creation of the Bloomberg Billionaires Index in 2012,” the publication reported.
Leading the earnings for that Wednesday was Tesla Inc.’s CEO Elon Musk, who saw an increase of $36 billion in his personal wealth as Tesla’s stock soared by 23%. He was closely followed by Meta Platforms Inc.’s Mark Zuckerberg, who enriched his coffers by nearly $26 billion. Meanwhile, Nvidia Corp.’s Jensen Huang enjoyed a $15.5 billion uptick as the company’s shares climbed 19%, almost making up for a 13% drop earlier in the week, according to Bloomberg.
Despite the market losing some of these substantial gains on Thursday due to ongoing uncertainties surrounding Trump’s tariff decisions, the rapid increase in billionaire wealth raised eyebrows about potential market manipulation or insider trading before the president’s announcement of a 90-day halt. Notably, Trump had urged the public to invest in stocks mere hours before he declared the suspension.
“Could they have possibly been forewarned?” posed The Tennessee Holler, a progressive media outlet, on their social media. “They are mocking us,” they claimed.
In the period leading up to Trump’s announcement about the temporary tariff relief, several billionaire backers of his openly criticized his tariff strategy as their fortunes dwindled during the market downturn triggered by the trade conflict.
Following Trump’s initial announcement of comprehensive tariffs the previous week, the world’s 500 richest individuals witnessed their combined wealth decrease by $208 billion, according to Bloomberg. The Wall Street Journal reported that Treasury Secretary Scott Bessent received numerous anxious calls from Wall Street over that weekend, compelling him to convince Trump of the necessity for a hiatus.
The tariff suspension was announced just one day before the Republican-led House approved a budget framework that could lead to additional tax cuts primarily benefiting the wealthiest Americans.
“These tariffs are not intended to address a genuine trade or economic problem,” stated Sen. Ron Wyden (D-Ore.), the senior Democrat on the Senate Finance Committee, on Thursday. “They’re imposed to burden average workers with higher taxes to fund giveaways to the elite.”
“It’s all about handing more to billionaires and corporations,” Wyden continued, “and everyone else will end up paying for it.”
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An economic reporter, Dax Everly breaks down financial trends and their impact on Americans’ daily lives.