Bloomberg — America’s Billionaires saw their fortunes fall by $93 billion on Tuesday, in the ninth worst daily stock market crash in history, after higher-than-expected inflation in the world’s largest economy rattled stock markets.
The S&P 500 fell 4.4%, the biggest loss since June 2020, while the tech-heavy Nasdaq 100 index fell 5.5%, its biggest decline since sinking more than 12% in March. of 2020.
Based on the Bloomberg Billionaires Index, Jeff Bezos’s wealth plummeted by $9.8 billion, the most among those tracked by the indicator. Meanwhile, Elon Musk’s net worth fell by $8.4 billion and the fortunes of Mark Zuckerberg, Larry Page, Sergey Brin and Steve Ballmer fell by more than $4 billion.
For its part, Warren Buffett and Bill Gates lost $3.4 billion and $2.8 billion, respectively.
the big losses reflect the massive sale in the US stock market, after a worrying figure of an annual growth of 8.3% in the consumer price index in August which will likely cause the Federal Reserve to raise interest rates more aggressively.
It is the latest in a series of difficult days this year for the markets and for the fortunes of billionaires. Last month, the same group of US billionaires lost $78 billion in one day after an eight-minute speech by Federal Reserve Chairman Jerome Powell.
Overall, the world’s 500 richest people are worth about $1.2 trillion less than at the beginning of the year. Zuckerberg, CEO of Meta Platforms Inc. (META), has lost $68 billion, or about 54% of his fortune, while Binance CEO Changpeng Zhao has lost $61 billion, or about 64%.
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Stock market crash leaves America’s biggest fortunes with losses of $93,000