Surging Tech Stocks have significantly bolstered the fortunes of the ten wealthiest American billionaires, helping them collectively earn an astonishing $796 billion in 2024. This figure, comparable to the U.S. defense budget of $850 billion, highlights the extraordinary impact of technology sector growth this year. Among the top earners, Elon Musk leads the pack, followed by prominent figures like the Waltons, Mark Zuckerberg, and Jensen Huang. A report by the Daily Beast provides detailed insights into these massive earnings, breaking down individual contributions from various tech giants.
Elon Musk: The $252 Billion Powerhouse
Elon Musk tops the list with an incredible $252 billion earnings, averaging $5 billion weekly. His wealth stems from his involvement in six major companies: SpaceX, Tesla, xAI, Neuralink, the Boring Company, and social media platform X (formerly Twitter). Since the U.S. presidential election, Musk’s alignment with Donald Trump has further solidified his influence, with reports suggesting he is actively reshaping federal policies.
The Waltons: America’s Wealthiest Family
The Walton family, inheritors of Walmart’s legacy, earned $148 billion in 2024. This wealth is distributed among family members, with Alice Walton standing out as the second-richest woman globally. Walmart, America’s largest employer, remains the cornerstone of the Waltons’ immense fortune.
Mark Zuckerberg: Riding the Meta Wave
Meta’s founder, Mark Zuckerberg, saw his net worth soar by $82 billion this year. With a 13.5% stake in the company, Zuckerberg benefited from Meta’s sixfold value increase since late 2022. Meta’s sustained margins (35-40%) and its foray into artificial intelligence with Llama AI contributed to this monumental growth.
Larry Ellison: Oracle’s Cloud Champion
Oracle founder Larry Ellison added $73 billion to his wealth in 2024, primarily due to his 43% stake in the cloud computing giant. Oracle’s focus on cloud infrastructure has positioned Ellison as one of the biggest beneficiaries of the tech stock rally.
Jensen Huang: Nvidia’s AI Revolution
Nvidia’s meteoric rise in 2024 added $72 billion to founder Jensen Huang’s fortune. Owning 3.8% of Nvidia, Huang saw his company’s value increase by $1.9 billion this year, surpassing other tech giants. Nvidia’s dominance in AI infrastructure has made it the standout performer in the tech industry.
Jeff Bezos: Steady Growth Amid Challenges
Amazon founder Jeff Bezos earned over $1 billion weekly in 2024, increasing his net worth by $55 billion. Despite setbacks with his space venture Blue Origin and The Washington Post, Bezos’ 9% stake in Amazon remains a lucrative asset. Regular stock sales fund his space exploration endeavors, further solidifying his wealth.
Warren Buffett: Cash King of 2024
Renowned investor Warren Buffett amassed $29 billion this year, maintaining a cash-heavy position with $325 million in reserves. By selling two-thirds of his Apple shares, Buffett ensured Berkshire Hathaway’s 28% growth in 2024, outperforming major indices like the S&P 500 and Nasdaq.
Steve Ballmer: Microsoft’s Quiet Beneficiary
Former Microsoft CEO Steve Ballmer earned $20 billion in 2024, thanks to his 4.5% stake in the tech giant. While Microsoft’s turnaround under Satya Nadella has significantly boosted its value, Ballmer continues to benefit from his association with the world’s third most valuable company.
Larry Page and Sergey Brin: Google’s Visionaries
Alphabet co-founders Larry Page and Sergey Brin collectively earned $19-20 billion in 2024, thanks to a $650 billion surge in the company’s value. Despite stepping back from day-to-day operations, their super-voting shares give them 51% control of Alphabet, ensuring continued influence and wealth.
Michael Dell: The Comeback King
Michael Dell added $14 billion to his net worth in 2024 as Dell Technologies reinvented itself as a key player in AI infrastructure. The company’s stock rose by 55%, driven by its contributions to AI advancements, including powering Elon Musk’s supercomputing projects.
Surging Tech Stocks Drive Unprecedented Wealth
The surge in tech stocks underscores the transformative power of the technology sector in shaping global wealth. These billionaires have not only benefited from their existing investments but also leveraged innovation and strategic alignments to secure their positions. The year 2024 will be remembered as a turning point where technology-driven wealth reached unprecedented heights.