Jeff Bezos Loses $10 Billion Overnight, $8 Billion Hit For Elon Musk

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Jeff Bezos’ net worth fell $9.8 billion, most of which was tracked by the Bloomberg Billionaires Index.

The fortunes of America’s richest billionaires fell $93 billion on Tuesday, the ninth-largest daily loss on record, as the market soared ahead of expected U.S. inflation rates.

Jeff Bezos’ net worth fell by $9.8 billion, the highest number 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.

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The billionaires’ large daily losses reflect the broad sell-off in the US stock market, as investors bet that higher-than-expected consumer price indices will lead 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%, the most since dropping more than 12% in March 2020.

It’s the latest in a string of tough days this year for markets and billionaires’ fortunes. Just last month, the same group of American billionaires lost $78 billion in a day after an eight-minute speech by Federal Reserve Chairman Jerome Powell.

In total, the 500 richest people in the world are worth about $1.2 trillion less than at the beginning of the year. Zuckerberg, chief executive officer of Meta Platforms Inc., has lost $68.3 billion, or about 54% of his fortune, while Binance CEO Changpeng Zhao has lost $61 billion, or about 64%.

(Except for the headline, this story has not been edited by NDTV staff and has been published from a syndicated feed.)



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