As retirees, small business owners, and consumers reeled from the chaos sparked by U.S. President Donald Trump’s erratic tariff policies, the richest people on the planet saw their wealth surge Wednesday as the White House partially froze the duties it imposed on most countries.Trump’s announcement of the 90-day pause sparked a historic market rally that added $304 billion to the collective wealth of the world’s top billionaires, according to a Bloombergestimate. The outlet called the jump “the largest one-day gain in the history of the Bloomberg Billionaires Index,” which was launched in 2012.”The largest individual gainer Wednesday was Tesla Inc. CEO Elon Musk, who added $36 billion to his fortune as the EV manufacturer’s stock jumped 23%, followed by Meta Platforms Inc.’s Mark Zuckerberg, who gained almost $26 billion,” Bloomberg reported. “Nvidia Corp.’s Jensen Huang saw his wealth rise $15.5 billion as the chipmaker’s shares rebounded 19%, nearly offsetting its 13% decline in the week to Tuesday’s close.”Though the stock market gave up some of the massive gains on Thursday amid continued uncertainty about Trump’s tariffs, the rapid billionaire wealth surge amplified concerns about possible market manipulation and insider trading ahead of the president’s announcement of a 90-day pause. Trump publicly encouraged people to buy stock just hours before announcing the pause.”Is there any doubt in anyone’s mind they were tipped off?” The Tennessee Holler, a progressive news outlet, wrote on social media. “They are laughing at us all.”In the days leading up to the president’s partial tariff pause, some of his billionaire supporters publicly criticized his approach as their wealth took a hit amid the trade war-induced market sell-off. According to Bloomberg, the 500 richest people in the world saw their collective wealth fall by $208 billion the day after Trump announced the sweeping tariffs last week. The Wall Street Journalreported Thursday that Treasury Secretary Scott Bessent was “flooded with worried calls from Wall Street over the weekend and felt strongly he had to persuade Trump that a pause was needed.”The partial tariff pause came a day before the Republican-controlled House passed a budget blueprint that paves the way for another round of tax cuts that would primarily benefit the wealthiest Americans.”These tariffs are not designed to solve an actual trade or economic challenge,” Sen. Ron Wyden (D-Ore.), the top Democrat on the Senate Finance Committee, said Thursday. “They’re designed to soak typical workers with higher taxes in order to help pay for handouts to the top.””They’re focused on yet more handouts to billionaires and corporations,” Wyden added, “and everybody else is going to be on the hook to pay for them.”
Flawed inflation data dashes Trumps hopes of a quick affordability victory
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