Richest Americans Lose $93 Billion

The wealthiest individuals in America lost $93 billion on Tuesday, the ninth-worst day loss in history, as hotter-than-expected US inflation data shook the markets.

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Of all the billionaires covered by the Bloomberg Billionaires Index, Jeff Bezos' wealth decreased by the highest, $9.8 billion.

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Elon Musk lost $8.4 billion in value. Mark Zuckerberg, Larry Page, Sergey Brin, and Steve Ballmer all saw their wealth......

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......decrease by more than $4 billion, compared to losses of $3.4 and $2.8 billion for Warren Buffett and Bill Gates, respectively.

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The US stock market saw a significant selloff as investors anticipated that unexpectedly high consumer price index data would prompt.....

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.....the Federal Reserve to hike interest rates more quickly, which is reflected in the massive daily losses experienced by the billionaires.

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The tech-heavy Nasdaq 100 Index plunged 5.5%, the largest since a drop of more than 12% in March 2020, while the S&P 500 fell 4.4%, the most since June 2020.

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This year has seen a string of challenging days for the markets and the wealth of billionaires.

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Just last month, following an eight-minute speech from Federal Reserve Chair Jerome Powell, the same group of US billionaires lost $78 billion in one day.

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The 500 richest people in the world today are collectively worth around $1.2 trillion less than they were at the beginning of the year.

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Changpeng Zhao, CEO of Binance, has lost $61 billion, or roughly 64%, of his fortune, while Zuckerberg, has lost $68.3 billion, or around 54%.

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