Bezos, Musk, Zuckerberg among others, mark severe fortune loss
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Business: Bloomberg Billionaires Index data suggested that the wealthiest United States-based billionaire's fortunes fell on Tuesday by 93 billion USD, which is the ninth worst daily loss ever. The inflation is making markets here murky in recent times, Bloomberg reports.
The most affected was Jeff Bezos, CEO of Amazon, who witnessed the biggest fall on the day with 9.8 billion USD. Following him, Elon Musk lost 8.4 billion USD, while Mark Zuckerberg, Larry Page, Sergey Brin and Steve Ballmer lost more than 4 billion USD. Also, Warren Buffett and Bill Gates registered losses of 3.4 billion USD and 2.8 billion USD, respectively.
The reported daily losses are due to the large selloff in the US stock market, and Federal Reserve might raise interest rates aggressively as consumer price index data came higher, according to investors. Bloomberg reports that the stock market indices S&P 500 fell 4.4 per cent, which is the highest since June 2020 and the tech-heavy Nasdaq 100 Index 5.5 per cent, which is the most since March 2020, when it fell 12 per cent.
The said group of billionaires had lost 78 billion USD together last month. This was after an eight-minute speech from Federal Reserve Chair Jerome Powell.
At present, the globe's 500 richest people are worth around 1.2 trillion USD less than they were in 2022 start, Bloomberg further reports. From then, Zuckerberg lost 68.3 billion USD (about 54 per cent of his fortune). Binance CEO Changpeng Zhao lost 61 billion USD, around 64 per cent of his fortune.