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
Opinions expressed by BIZ Experiences contributors are their own.
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.
