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.
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.
It was the lowest one-day drop the stock market has seen since June 2020.
Data from Bloomberg's Billionaire Index as of Wednesday afternoon.
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.
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