The world’s wealthiest people added $304 billion to their combined net worth on Wednesday — the largest one-day gain in the history of the Bloomberg Billionaires Index — as stock markets soared after President Donald Trump pledged to pause tariffs on some trading partners.

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. Gains continued into Asia trading hours on Thursday, as the region’s stocks posted their biggest jump in more than two years.

Wednesday’s total wealth gain beat the previous record of $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 $36 billion to his fortune as the EV manufacturer’s stock jumped 23%, followed by Meta Platforms Inc.’s Mark Zuckerberg, who gained almost $26 billion. Nvidia Corp.’s Jensen Huang saw his wealth rise $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 $1.4 billion.

In Thursday trading, billionaires in Asia added to the rebound. Masayoshi Son, chairman of SoftBank Group Corp., added $1.7 billion to his fortune which stood at $11.7 billion as of 10:20 a.m. in Hong Kong. China’s second richest woman, Zhou Qunfei’s fortune surged 14.3% to $9.5 billion.

Among other top gainers, Uniqlo’s Tadashi Yanai gained $3.5 billion, as his fortune rose to $47 billion. Footwear maker Huali Industrial Group Co.’s chairman Zhang Congyuan saw his wealth surge 12.9% to $8 billion.