US President Donald Trump claimed that recent market fluctuations have made billionaires richer, citing examples of individuals making significant money as a result of his tariffs in a clip from the Oval Office that emerged online.
Here’s a look at a few billionaires who became richer with the recent stock market crash.
Elon Musk made $36 billion in the market crash – highest
The world’s richest man and Donald Trump aide, Elon Musk, made a whopping $36 billion as Tesla stock soared 23 per cent amid the recent market fluctuations, which is reportedly the highest so far. His estimated net worth stood at $311 billion, according to the Bloomberg Billionaires Index.
Who else made money during the market crash?
Charles Schwab, who made $2.5 billion in a day, has an estimated net worth of $12.9 billion.
Roger Penske had a net worth of $5.6 billion before adding $900 million to his wealth, according to Forbes.
Wednesday (April 9) was the “best day ever” for billionaires, as the world’s richest people added $304 billion amid the market surge, reported Bloomberg.
What did Donald Trump openly say in the Oval Office?
“He made two-and-a-half billion today, and he made nine hundred million, that’s not bad!” Trump said while pointing at Charles Schwab and Roger Penske.
Who are Donald Trump’s friends?
American investor and financial executive Charles Robert Schwab is the founder and chairman of The Charles Schwab Corporation and Charles Schwab Bank, which are known for offering financial services.
Roger Searle Penske, popularly known as ‘the Captain’, is a former professional driver and owns an American auto racing team. Penske is the owner of Team Penske, the Indianapolis Motor Speedway, IndyCar, and other auto racing-related businesses.
Market manipulation behind Trump tariffs
Meanwhile, Donald Trump is facing allegations of market manipulation for posting “great time to buy” on his social media platform hours before announcing a 90-day “pause” on reciprocal tariffs, resulting in a market surge.
“THIS IS A GREAT TIME TO BUY!!! DJT,” Trump wrote on his Truth Social handle.
What do Republicans have to say?
“Insider trading regarding tariffs, I don’t care what they are saying, I care, Donald Trump is a smart guy, he is a businessman. I don’t know if people got rich,” Republican Congressman Troy Nehls told Sky News.
Meanwhile, Republican Congressman John Mc Gurie, while talking to Sky News, though did not address the allegations of market manipulations but claimed Trump’s “methods are working.”
What do Democrats have to say?
The Democrats have accused Donald Trump of market manipulation and enabling insider trading.
US Senator Chris Murphy wrote on X, “An insider trading scandal is brewing. Trump’s 9:30am tweet makes it clear he was eager for his people to make money off the private info only he knew. So who knew ahead of time and how much money did they make? [sic]”
Meanwhile, Democratic leader Alexandria Ocasio-Cortez demanded Congress members to disclose their stock purchases in the last 48 hours.
“Any member of Congress who purchased stocks in the last 48 hours should probably disclose that now. I’ve been hearing some interesting chatter on the floor. Disclosure deadline is May 15th. We’re about to learn a few things. It’s time to ban insider trading in Congress [sic],” Alexandria wrote on X.
What happened in the stock market crash?
US President Donald Trump announced significant tariffs on several trading partners, including India, China, Canada, Mexico, and the European Union, increasing market volatility.
Following the announcement, the US stock market witnessed sharp declines in major indices. The S&P 500 and Nasdaq experienced substantial losses, and Nasdaq entered the bear market. The market recovered briefly on Wednesday after Trump announced a 90-day pause on many tariffs, temporarily restoring market confidence.
However, on Thursday, stocks fell after a brief surge. The S&P 500 sold dropped 3.46% and ended at 5,268.05, while the Nasdaq Composite fell 4.31% to settle at 16,387.31. The Dow Jones Industrial Average slipped 1,014.79 points, or 2.5% and closed at 39,593.66. In terms of companies, tech-heavy stocks such as Apple and Tesla fell 4.2% and 7.3%, respectively, while Nvidia slipped nearly 6%, and Meta Platforms dropped almost 7%.
The Tariff on-mode, off-mode – timeline of reciprocal tariffs
On April 2, President Trump announced reciprocal tariffs with a 10 per cent universal baseline tariff on all imports and comprehensive duties for major trading partners. On April 4, China retaliated against the tariffs by imposing an additional 34 per cent duties on US goods. On April 9, Trump announced a 90-day pause on reciprocal tariffs, lowering the universal tariff to 10 per cent on all countries during this period. However, he imposed an unimaginably high 125 per cent tariff on China, citing its “lack of respect” for global markets.
