Wall Street’s big stock rally on Wednesday helps the world’s billionaires snapped a money losing streak, according to Bloomberg Billionaires. That rebound included Cary’s Jim Goodnight, who regained more than $200 million of his fortune. Meanwhile, Triangle stocks rebounded as well led by Red Hat.
As WRAL TechWire has reported twice this week, the global stock meltdown triggered by economic woes in China, carved billions from the holdings of the world’s 400 richest as calculated daily by Bloomberg news.
But on Wednesday, the richest regained $15.5 billion of their wealth.(Amazon’s Jeff Bezos earned back $2.9 billion alone.)
Goodnight’s personal fortune crept back toward the $9 billion level with a $203.3 million gain, according to Bloomberg’s estimates. He also climbed to No. 124 on the list of world’s richest.
Last week, Goodnight’s fortune dwindled by $368 million.
But on Monday, his net worth was really hammered, down $377.5 million as “Manic Monday” shaved 1,000 points off the Dow before a rally.
Goodnight still finished in negative territory on Tuesday even as a stock rebound began. Wednesday’s strong Street performance apparently made a big difference.
(Read WTW’s post from Aug. 24 to see how Bloomberg calculates Goodnight’s closely held holdings.)
Triangle-area stocks also fared better Wednesday.
Helping lead the way: Red Hat (NYSE: RHT). The Hatters’ shares surged 6 percent to close at $73.05 after trading as high as $73.14.
Shares closed at $68.96 on Tuesday but opened higher at $70.84 and traded in positive territory all day.
As for other stocks, the 30 included in the WRAL TechWire index of 30 stocks generated a 4.7 percent gain, finishing up a collective 51.75 points to close at 1100.10.
The “30” had taken a hit Monday although Cree (Nasdaq: CREE) and Novozymes finished in the black.