As Federal Reserve Chair Jerome Powell signaled long-awaited rate cuts could be coming, the world’s wealthiest became even richer.

Powell’s comments at the central bank’s symposium in Jackson Hole, Wyoming spurred a broader stock market rally, as lower rates are expected to jolt the economy. The world’s richest person, Elon Musk, gained $9.3 billion in net worth, bringing his total to around $417 billion on Friday, while the second-wealthiest, Oracle CEO Larry Ellison, got a $4.4 billion boost.

President Donald Trump has demanded a rate cut, but Powell warned that despite U.S. economic resilience, tariffs could “spur a more lasting inflation dynamic.”

In an unusual move for the federal government, President Donald Trump said the U.S. will take a 10% stake in Intel worth roughly $10 billion, making it the third-largest shareholder in the struggling chipmaker. It’s one of the largest government interventions in an American company in more than a decade, when the U.S. injected billions of funds into automakers during the 2008 financial crisis.

Judges in two courts have now found that the president of the United States took part in a yearslong fraud that deceived financial institutions about his net worth, but they differed on how much Trump should pay as a penalty. Last week, appellate justice Peter Moulton reduced Trump’s roughly $500 million penalty imposed by a judge in February to zero. Neither did much math to arrive at those numbers.

MORE: The wiping out of Trump’s fine was also a win for billionaire Don Hankey, whose specialty insurance firm put up a $175........

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