- 10 of the world’s richest people saw $50 billion wiped from their combined fortunes on Tuesday.
- People like Elon Musk, Jeff Bezos and Warren Buffett have been hit hard by the stock market crash.
- The combined wealth of the 10 men was down $295 billion or 20% for the year as of Tuesday’s close.
Ten of the world’s richest men saw an estimated $50 billion wiped out of their combined fortunes by Tuesday’s stock market crash.
Elon Musk’s wealth was hit by $8 billion as Tesla stock fell 4%, while Jeff Bezos’ net worth shrank by nearly $10 billion as his Amazon shares fell by 7% in value, according to the Bloomberg Billionaires Index.
Larry Page and Sergey Brin, the co-founders of Alphabet dubbed the “Google Guys”, each lost around $5 billion on paper due to the search giant’s 6% drop in stock price. advertising.
Similarly, a 5% drop in Microsoft stock dealt a $3 billion hit to the enterprise software titan’s co-founder, Bill Gates, and a $5 billion hit to its former CEO, Steve Ballmer.
Meanwhile, Warren Buffett’s net worth plummeted by $3 billion as Berkshire Hathaway shares fell, Larry Ellison’s fortune shrank by $2 billion as his Oracle shares fell in value and wealth of Mark Zuckerberg fell by $6 billion when Meta’s stock price fell.
Additionally, the wealth of LVMH CEO Bernard Arnault was cut by $4 billion, bringing his total wealth drop for the year to $43 billion. Bezos and Zuckerberg are also among the index’s biggest losers, with wealth declines of $42 billion and $68 billion respectively since early January.
As of Tuesday’s close, the combined wealth of the 10 men was down $295 billion or 20% for the year, reflecting a broad decline in stocks amid growing fears of stubborn inflation, interest rate sharply higher and a potential market downturn and recession. Yet their combined wealth still approached $1.2 trillion and they continued to rank among the top 20 richest people on the planet.
Eight of the top 10 names on the rich list saw their fortunes shrink on Tuesday. Only Gautam Adani and Mukesh Ambani, two Indian billionaires, recorded net worth gains that day. Adani’s wealth has jumped by around $70 billion since early January, while Ambani’s wealth has increased by around $4 billion.
Read more: Goldman Sachs: Buy these 25 unloved stocks that will outperform if the Federal Reserve tames inflation or goes too far and causes a recession