Topline
A broader stock market rally on Monday, fueled by eight Senate Democrats siding with Republicans to back a deal that would end the government shutdown, added tens of billions of dollars to the fortunes of the world’s richest people.
The world’s wealthiest people had billions added to their combined net worth on Monday.
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Key Facts
The Dow Jones Industrial Average rose 237 points (0.5%), while the S&P 500 added 1.2% and the tech-heavy Nasdaq surged 2.01% as of Monday afternoon.
Nasdaq’s rise was largely fueled by Nvidia, whose shares rose 4.4% to around $196, with additional gains from Alphabet’s Class C shares (up 3.2%), Tesla (4.3%), Meta (2%) and Palantir (8.4%).
The Dow, also boosted by Nvidia, rose with gains posted by Amazon (1.6%), Cisco (0.9%), Apple (0.5%), Goldman Sachs (1.2%) and JPMorgan Chase (1%).
A broader rally follows a Senate vote late Sunday, in which eight Democrats sided with Republicans to approve a procedural vote on a legislative deal that would fund most federal agencies through January, allowing a vote on the deal later Monday.
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.