NEW YORK (AP) — And back up goes Wall Street. U.S. stocks rallied Monday after President Donald Trump said ” it will all be fine,” just days after he sent the market reeling by threatening much higher tariffs on China. The S&P 500 jumped 1.6% in its best day since May and recovered just over half its drop from Friday. The Dow Jones Industrial Average climbed 587 points, or 1.3%, and the Nasdaq composite leaped 2.2%. “Don’t worry about China,” Trump said on his social media platform Sunday. He also said t ...

Core Insights - The perception of U.S. billionaires having sufficient wealth to address societal issues like wealth distribution, hunger, and homelessness is misleading [1] - Mark Cuban emphasizes the importance of understanding how billionaire wealth operates, stating that the available resources to solve societal problems are often overestimated [2] Wealth Composition - Net worth for billionaires is primarily tied up in company stock rather than liquid cash, which is a common misconception [4] - Cuban highlights that significant portions of wealth are not readily accessible as cash, as most billionaires have their wealth invested in their companies [4] Tax Implications - Liquidating investments can lead to substantial tax liabilities, with Cuban noting that Elon Musk paid around 30% in taxes on $40 billion worth of stock sold [5] - Cuban himself paid $11 million in taxes when selling the Dallas Mavericks, illustrating the tax burden associated with high-value transactions [5] Market Volatility - The wealth of billionaires is closely linked to stock market performance, with fluctuations causing significant changes in net worth, as seen in the Bloomberg Billionaires Index [6] - Recent data shows the top five billionaires experienced wealth changes ranging from a decrease of $1.13 billion to $18.5 billion [6]