A market rally on Thursday sent US tech billionaires' wealth soaring by a record amount for a single day.
The October consumer price index showed inflation was cooling, sparking hopes that the Federal Reserve would slow its rate hikes.
As much of the billionaires' fortune is tied to their share holdings in listed tech companies, thanks to this, they added $59 billion to their net worth on Thursday.
Jeff Bezos' net worth jumped by $10.5 billion in one day to $118.6 billion, making him the most valuable person in the world. The Wall Street Journal reported Thursday that Andy Jessy is conducting a cost-cutting review. The majority of Bezos's net worth comes from his stake in Amazon.
The world's richest person was the second-largest winner of Thursday's tech stock rally, as his fortune increased by nearly $10 billion to $184 billion.
Larry Page and Sergey Brin saw their fortunes increase by $5.3 billion and $5.1 billion respectively, while Steve Ballmer saw his net worth increase by $5.9 billion.
Tech stocks have not been performing well this year. Market sentiment has been negatively affected by rising inflation and an increase in interest rates.
The tech focused index closed higher on Thursday but is still 29% lower this year.
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