Not Musk Or Zuckerberg, These 10 US Billionaires Earned The Biggest Gains In October 2022

Last month saw the world¡¯s richest person Elon Musk lose $24.7 billion, Amazon founder Jeff Bezos¡¯ ex-wife MacKenzie Scott lost $3.1 billion, rapper-turned-fashion entrepreneur Kanye West lost $1.6 billion, Meta co-founder Dustin Moskovitz lost $1.6 billion and Est¨¦e Lauder heir Leonard Lauder lost $1.1 billion.

But even though Halloween makes October the spookiest month of the year, it marked a welcome reprieve for many billionaires, with the number of winners amongst America¡¯s richest people easily beating out the losers.

There were 26 billionaires, including ace investor Warren Buffett and Oracle co-founder Larry Ellison, whose fortunes rose more than $1 billion in October, as per Forbes.

Last month¡¯s historic stock market rally, which was the best October in 46 years, meant many U.S. billionaires ended last month richer than they were in September.

According to Forbes¡¯ estimates, 26 U.S. billionaires¡¯ fortunes jumped by $1 billion or more in October. After hitting a yearly low in September, the Dow Jones Industrial Average, which tracks 30 blue-chip stocks including Apple, Disney and Coca-Cola, closed out October with a gain of 14%, the best monthly performance since 1976. The S&P 500 and Nasdaq Composite rose 8% and 4%, respectively.

As per Forbes' list, here are the 10 U.S. billionaires with publicly-traded fortunes who had the biggest gains last month.

(The net worth change is as of the close of markets on Monday, October 31st. YTD means year till date)

1. Larry Ellison

AFP

Net worth: $103.2 billion

October change: UP $16.6 billion

YTD change: DOWN $16.5 billion

Source of wealth: Oracle

2. Warren Buffett

forbes

Net worth: $102.9 billion

October change: UP $8.9 billion

YTD change: DOWN $5.7 billion

Source of wealth: Berkshire Hathaway

Also Read: Why ¡°China's Warren Buffett¡± Is Racing To Sell His Assets

3. Thomas Peterffy

Net worth: $25.3 billion

October change: UP $4.5 billion

YTD change: UP $1.3 billion

Source of wealth: Interactive Brokers

4. Jim Walton

Net worth: $61 billion

October change: UP $4.2 billion

YTD change: DOWN $6.2 billion

Source of wealth: Walmart

5. Alice Walton

forbes

Net worth: $58.8 billion

October change: UP $4.1 billion

YTD change: DOWN $7.4 billion

Source of wealth: Walmart

6. Rob Walton

Net worth: $59.7 billion

October change: UP $4.1 billion

YTD change: DOWN $6.2 billion

Source of wealth: Walmart

7. Robert Pera

Net worth: $20.1 billion

October change: UP $3 billion

YTD change: UP $2.5 billion

Source of wealth: Wireless networking gear

8. Phil Knight

Net worth: $37.4 billion

October change: UP $2.9 billion

YTD change: DOWN $23.5 billion

Source of wealth: Nike

9. Michael Dell

AFP

Net worth: $49.9 billion

October change: UP $2.7 billion

YTD change: DOWN $7.6 billion

Source of wealth: Dell Technologies

10. Thomas Frist

Net worth: $18.2 billion,

October change: UP $2.3 billion

YTD change: DOWN $2.9 billion

Source of wealth: Hospitals

Also Read: Forbes' 2022 List Of 100 Richest Indians Is Here

Only Two Billionaires Have More Now Than In Early 2022

Just two of October¡¯s biggest billionaire gainers are actually better off now than they were at the start of the year 2022. One is Thomas Peterffy, the founder and chairman of the online trading platform Interactive Brokers, who is up 5.5% year-to-date. His company¡¯s shares jumped 26% in October, after it beat predictions and reported record third quarter revenues., as per Forbes.

Meanwhile, Ubiquiti Networks founder and CEO Robert Pera is worth an estimated $20.1 billion, 12% more than in January, as strong demand for network devices buoyed shares of his wireless equipment maker.

On the other hand, as the list above mentions, the biggest dollar gainer last month was Larry Ellison, the cofounder, chairman and chief technology officer of software giant Oracle, thanks to the company¡¯s shares soaring 24%, after bottoming out in mid-September following disappointed earnings and August layoffs.

Veteran investor Warren Buffett, whose firm Berkshire Hathaway holds stakes in such blue-chip stocks as American Express, Coca-Cola and Chevron, was up $8.9 billion (9.4%) in October. While his estimated net worth is still 5.3% less than it was at the start of this year, Berkshire has outperformed the Dow this year, as per Forbes report.

Another October winner was Phil Knight, the founder of Oregon-based shoe and athletic apparel company Nike. Its shares dropped to a 20-year low of $83 in September after it reported a massive inventory glut caused by supply chain issues, which in turn knocked down the company¡¯s profitability. Shares rebounded about 9% in October, adding $2.9 billion to Knight¡¯s net worth but he is still down $23.5 billion for the year.

Also Read: Mark Zuckerberg Slips Out of Forbes Top 10 Richest American List

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