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Jeff Bezos, Elon Musk Lose a Combined $18 Billion Amid Inflation, Stock Market Drop The world's richest men were not immune to Tuesday's market dip.

By Emily Rella

Gareth Cattermole/Getty Images
Gareth Cattermole/Getty Images

Investors are feeling the effects of new inflation data and hiked interest rates that hit US markets — and the richest people in the world are not immune.

According to Bloomberg's Billionaire Index, the world's top five richest billionaires lost a combined $25 billion in net worth during Tuesday's market plunge.

It was the lowest one-day drop the stock market has seen since June 2020.

Jeff Bezos saw the biggest drop-off of the five men, losing an estimated $9.8 billion in his net worth, followed by rival and Tesla CEO Elon Musk who stood to lose $8.4 billion at the same time.

Data from Bloomberg's Billionaire Index as of Wednesday afternoon.

LVMH CEO Bernard Arnault lost around $4.06 billion of net worth, followed by Microsoft founder Bill Gates whose fortune dropped by a cool $2.8 billion.

Jeff Bezos and Bill Gates share a laugh in 2001. (STAN HONDA/AFP via Getty Images)

The only billionaire whose net worth did not drop (an actually increased by $1.58 billion) was the now-third richest man in the world, Indian billionaire, Gautam Adani.

Bloomberg reported that the world's 500 richest people have lost a combined estimated net worth of $1.2 trillion since January 2022, one of the biggest losses being Meta CEO Mark Zuckerberg who has lost an estimated 54% ($68.3 billion) of his earnings.

As of Wednesday afternoon, the DOW was relatively flat (down 0.10% from yesterday) as was the S&P, up 0.083% at the same time.

Emily Rella

Entrepreneur Staff

Senior News Writer

Emily Rella is a Senior News Writer at Entrepreneur.com. Previously, she was an editor at Verizon Media. Her coverage spans features, business, lifestyle, tech, entertainment, and lifestyle. She is a 2015 graduate of Boston College and a Ridgefield, CT native. Find her on Twitter at @EmilyKRella.

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