The net worth of America’s richest billionaires fell on Tuesday as inflation hit America, with Jeff Bezos’s net worth dropping by $9.8 billion (about Rs. 80,000 crore) and world’s richest man Elon Musk’s net worth by $8.4 billion (about Rs. 70,000 crore) in a single day. Jeff Bezos and Elon Musk who lost 10 billion dollars overnight.
Apart from them, the net worth of Mark Zuckerberg, Larry Page, Sergey Brin and Steve Ballmer dropped by more than $4 billion. But Warren Buffett and Bill Gates lost 3.4 billion dollars and 2.8 billion dollars respectively. Jeff Bezos and Elon Musk who lost 10 billion dollars overnight.
Jeff Bezos is the founder of Amazon, the world’s largest online retailer. The Seattle-based company sells electronics, home appliances and other products through its flagship website. He also owns the space exploration company Blue Origin.
Elon Musk is the chief executive of Tesla, whose company sells electric vehicles and home solar batteries. Musk is also the chief executive of SpaceX, the rocket maker tapped by NASA to resupply the space station.
The Bloomberg Billionaires Index is a daily ranking of the world’s richest people. Statistics are updated at the end of each trading day in New York.
Top billionaires, Amazon founder Jeff Bezos and Tesla chief Elon Musk, lost billions on Tuesday after Wall Street saw a bloodbath due to a broad sell-off in the stock market after higher-than-expected US inflation data was released. As per reports, the headline consumer price index increased 0.1 per cent in August and was up 8.3 per cent from a year ago.
According to the Bloomberg Billionaires Index, Jeff Bezos lost around $9.8 billion (around Rs 80,000 crore), while Musk’s net worth dropped by $8.4 billion (around Rs 70,000 crore).
As per reports, all three major US stock indices, Dow Jones, S&P, and Nasdaq, slumped to new lows after clocking their biggest one-day percentage drops since June 2020 after the Covid-19 pandemic. The markets had reported four-day winning streaks this week, making it beneficial for the investors. On Tuesday, the Dow Jones Industrial Average dipped 1,276.37 points, or 3.94 per cent, to 31,104.97, the S&P 500 lost 177.72 points, or 4.32 per cent, to 3,932.69, and the Nasdaq Composite dropped 632.84 points, or 5.16 per cent, to 11,633.57. All 11 major sectors of the S&P 500 ended the session deep in red territory.