Musk and Zuckerberg make billions after Trump's tariff pause annoncement

The S&P 500 rose 9.52% to 5,456.90 on Wednesday - its biggest one-day gain since 2008. The Dow Jones Industrial Average advanced 2,962.86 points, or 7.87%, and the Nasdaq Composite jumped 12.16% after the 90-day relief was announced.

The record day comes on the heels of last week's sell-off following President Trump's tariff announcement. However, it was payday on Wednesday as the total wealth gain beat the previous record of $233 billion set in March 2022.

The largest individual gainer from Trump's pause announcement was Elon Musk's Tesla Inc. The tech billionaire added $36 billion to his fortune after his EV maker's stock jumped 23%, Bloomberg revealed. Mark Zuckerberg gained almost $26 billion. Next in line was Nvidia Corp.’s Jensen Huang, who saw his wealth rise $15.5 billion. The chipmaker's shares shot by 19%.

However, percentage-wise it was Ernest Garcia III, the CEO of Carvana Co., who came out as the winner. His fortune increased 25%.

Apple's stock soared more than 15% and Walmart rallied 9.6%. At the time Trump declared the tariff pause, at 1:18 PM ET, the Dow was about 350 points higher for the day. However, within moments, the 30-stock index surged more than 2,000 points.

Explaining why he made the pause move, Trump said: “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."