The S&P 500 Index jumped the most since 2008 following Trump’s mid-day announcement, reversing steep losses over the past few days and boosting the fortunes of the world’s 500 richest people by an average 3.5%. The Nasdaq Composite Index also rebounded, climbing the most in more than 24 years.

The record day comes on the heels of last week’s market meltdown following Trump’s tariff announcement. The breadth of the proposed levies exceeded most analysts’ expectations and delivered the biggest wealth losses since Bloomberg began its index in 2013.

Wednesday’s total wealth gain beat the previous record of US$233 billion set in March 2022, after Federal Reserve chair Jerome Powell raised rates for the first time in years but reassured investors that the economy remained resilient.

The largest individual gainer Wednesday was Tesla Inc CEO Elon Musk, who added US$36 billion to his fortune as the EV manufacturer’s stock jumped 23%, followed by Meta Platforms Inc’s Mark Zuckerberg, who gained almost US$26 billion.

Nvidia Corp’s Jensen Huang saw his wealth rise US$15.5 billion as the chipmaker’s shares rebounded 19%, nearly offsetting its 13% decline in the week to Tuesday’s close.

Ernest Garcia III, the CEO of Carvana Co, was the day’s biggest winner on a percentage basis: His fortune increased 25% as the used-car retailer’s stock surge padded his wealth by US$1.4 billion.