The wealthiest individuals in America lost $93 billion on Tuesday, the ninth-worst day loss in history, as hotter-than-expected US inflation data shook the markets.
Details about Loss of Elon Musk & Jeff Bezos in USA Stock Market
Of all the billionaires covered by the Bloomberg Billionaires Index, Jeff Bezos’ wealth decreased by the highest, $9.8 billion. Elon Musk lost $8.4 billion in value. Mark Zuckerberg, Larry Page, Sergey Brin, and Steve Ballmer all saw their wealth decrease by more than $4 billion, compared to losses of $3.4 and $2.8 billion for Warren Buffett and Bill Gates, respectively.
The US stock market saw a significant selloff as investors anticipated that unexpectedly high consumer price index data would prompt the Federal Reserve to hike interest rates more quickly, which is reflected in the massive daily losses experienced by billionaires. The tech-heavy Nasdaq 100 Index plunged 5.5%, the largest since a drop of more than 12% in March 2020, while the S&P 500 fell 4.4%, the most since June 2020.
This year has seen a string of challenging days for the markets and the wealth of billionaires. Just last month, following an eight-minute speech from Federal Reserve Chair Jerome Powell, the same group of US billionaires lost $78 billion in one day.
The 500 richest people in the world today are collectively worth around $1.2 trillion less than they were at the beginning of the year. Changpeng Zhao, CEO of Binance, has lost $61 billion, or roughly 64%, of his fortune, while Zuckerberg, CEO of Meta Platforms Inc., has lost $68.3 billion, or around 54%.
