The wealth of America’s richest billionaires fell $93 billion on Tuesday, the ninth-worst daily loss ever, as hotter-than-expected U.S. inflation data rattled markets. school.
Jeff Bezos’ fortune fell $9.8 billion, the most of anyone tracked by the Bloomberg Billionaires Index. Elon Musk’s net worth fell by $8.4 billion. The fortunes of Mark Zuckerberg, Larry Page, Sergey Brin and Steve Ballmer all fell by more than $4 billion, while Warren Buffett and Bill Gates lost $3.4 billion and $2.8 billion, respectively.
Billionaires’ big daily losses reflect a sell-off in the US stock market, as investors bet that higher-than-expected consumer price index data will send the Federal Reserve into disarray. The US raised interest rates more strongly. The S&P 500 fell 4.4%, its highest since June 2020, while the tech-heavy Nasdaq 100 Index fell 5.5%, its highest since a more than 12% drop in March. 2020.
It’s the latest in a string of tough days this year for the markets and fortunes of billionaires. Just last month, the same group of American billionaires lost $78 billion in a single day following an eight-minute speech from Federal Reserve Chairman Jerome Powell.
Overall, the world’s 500 richest people are worth about $1.2 trillion less than they were at the start of the year. Zuckerberg, CEO of Meta Platforms Inc., lost $68.3 billion, or about 54% of his fortune, while Binance CEO Changpeng Zhao lost $61 billion, or about 64 %.
(Except for the title, this story has not been edited by NDTV staff and is published from an aggregated feed.)