The recent relaxation of tariffs between the U.S. and China has sparked a significant market rally, with tech CEOs and founders reaping substantial benefits.
What Happened: The “magnificent seven” stocks, including Apple Inc. AAPL, Amazon.com Inc. AMZN, and Nvidia Corporation NVDA, collectively added nearly $830 billion to their market capitalization, as per a Forbes report.
Although Tesla's share price, at $318.38, remains below its all-time high of nearly $490, Elon Musk's net worth rose by $15 billion, reaching $359 billion, as per the Bloomberg Billionaire Index. The rally further solidified his position as the world's richest person.
Amazon‘s AMZN founder, Jeff Bezos, and Meta Platforms META CEO, Mark Zuckerberg, also saw their net worth rise by $14 billion and $16 billion, respectively. However, both still trail Musk by nearly $130 billion.
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Why It Matters: The U.S. and China agreed to reduce tariff rates, a move that could propel technology stocks to new heights, according to Wedbush’s Dan Ives. The stock of Amazon climbed 8.07%, Meta Platforms rose 7.92%, while Tesla was up 6.75% on Monday. Tesla, led by Musk, surpassed a $1 trillion valuation for the first time since late February.
The 90-day tariff pause between the U.S. and China has resulted in a market rally and positive sentiment. However, experts warn that this is not a definitive end to the trade war, leaving significant long-term uncertainty. The news triggered an immediate positive market response, with stocks and oil prices rebounding, potentially leading to lower costs for businesses and consumers.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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