President Donald Trump’s Strategic 90-Day Tariff Pause Sends Shockwaves Through the Stock Market
In a surprising turn of events, President Donald Trump announced a 90-day pause on tariffs, propelling the stock market to unprecedented heights and enriching the wallets of some of the world’s wealthiest individuals. On that momentous Wednesday, the collective net worth of billionaires surged by an astonishing **$304 billion**, marking the **largest one-day gain** in the history of the Bloomberg Billionaires Index. A sharp rebound in stocks for giants like Meta and Tesla followed the previous week’s significant losses, with both companies experiencing gains exceeding **10%**.
The Stock Market Soars: A Day to Remember
On that remarkable day, the S&P 500 soared by **9.52%**, closing at **5,456.90**—its largest one-day gain since the financial crisis in 2008. The Dow Jones Industrial Average saw a jaw-dropping increase of **2,962.86 points** or **7.87%**, while the Nasdaq Composite raced ahead with a stunning **12.16%** jump. This uptick essentially overshadowed the previous record of **$233 billion** set in March 2022, illustrating just how significant this tariff announcement was for the economy.
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The Big Winners of the Day
How did Trump’s tech moguls fare?
Elon Musk: The Biggest Beneficiary
Leading the pack was Elon Musk, whose net worth exploded by **$36 billion** following a **23%** surge in Tesla Inc.’s stock value. This remarkable performance highlights Musk’s undiminished influence in the tech industry.
Mark Zuckerberg: A Close Second
Not far behind was Mark Zuckerberg, who saw his wealth balloon by nearly **$26 billion** as Meta also enjoyed significant gains.
Rounding Out the Top: Jensen Huang and Ernest Garcia III
Jensen Huang, the CEO of Nvidia Corp., witnessed his fortune rise by **$15.5 billion** thanks to a staggering **19%** increase in the chipmaker’s shares. Interestingly, Ernest Garcia III, CEO of Carvana Co., boasted the highest percentage increase, with his wealth skyrocketing by **25%**.
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The Ripple Effect Across Major Companies
A surge in the stock market had far-reaching implications, with Apple’s stock gaining more than **15%** and Walmart experiencing a **9.6%** increase. Trump’s announcement, made at precisely **1:18 PM ET**, instantly transformed the market landscape, causing the Dow to leap over **2,000 points** shortly afterward.
The Rationale Behind Trump’s Tariff Pausing
Explaining the reasoning behind his surprising decision, Trump remarked: “I thought that people were jumping a little bit out of line. They were getting yippy, you know, they were getting a little bit yippy, a little bit afraid.” This unconventional statement further illustrates the unpredictable nature of current economic policies and their profound effects on the financial ecosystem.
