The fortunes of America’s richest billionaires fell to $93 billion on Tuesday, the ninth-worst daily loss ever, as US inflation data stirred hotter-than-expected markets.
Jeff Bezos’ wealth has declined by $9.8 billion, the most among those tracked by the Bloomberg Billionaires Index. Elon Musk’s net worth has declined by $8.4 billion. Mark Zuckerberg, Larry Page, Sergey Brin and Steve Ballmer lost more than $4 billion in assets, while Warren Buffett and Bill Gates lost $3.4 billion and $2.8 billion, respectively.
The billionaires’ big daily losses reflect a broad sell-off in the US stock market, as investors bet that consumer price index data that came in higher than expected will cause the Federal Reserve to raise interest rates more aggressively. The S&P 500 fell 4.4%, the most 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 is the latest in a series of tough days this year for the markets and the fortunes of billionaires. The same group of US billionaires lost $78 billion in a single day after Federal Reserve Chairman Jerome Powell’s eight-minute speech last month.
Overall, the 500 richest people in the world are worth about $1.2 trillion less than at the beginning of the year. Meta Platforms Inc CEO Zuckerberg is down $68.3 billion, or about 54% of his fortune, while Binance CEO Changpeng Zhao is down $61 billion, or about 64%.
(Except for the title, this story has not been edited by NDTV staff and is published from a syndicated feed.)