The stock market's plunge wiped out an estimated $50 billion from the combined fortunes of 10 of the world's richest men.
The net worth of Jeff Bezos fell by almost $10 billion as his Amazon shares lost value.
Larry Page and Sergey Brin lost $5 billion on paper when the stock price of the search-and-advertising giant dropped.
Bill Gates and Steve Ballmer lost $5 billion and $3 billion, respectively, due to a 5% slump in Microsoft stock.
Warren Buffet's net worth fell by $3 billion, Larry Ellison's fortune fell by $2 billion, and Mark Zuckerberg's wealth fell by $6 billion as Meta's stock price plummeted.
Bernard Arnault's wealth was reduced by $4 billion, which lifted his wealth decline for the year to $43 billion. Since the beginning of the year, wealth declines of $42 billion and $68 billion have been recorded by Bezos and Facebook's founder.
As of Tuesday's close, the 10 men's combined wealth was down $295 billion or 20% for the year, reflecting aWidespread decline in stocks amid growing fears of stubborn inflation, sharply higher interest rates, and a potential market downturn and recession They were still ranked among the 20 richest people in the world.
The fortunes of eight of the 10 richest people in the world fell on Tuesday. Two Indian billionaires made gains in their net worth. Since the beginning of the year, Adani's wealth has increased by about $70 billion, while Ambani's has increased by $4 billion.
The Federal Reserve can either tame inflation or cause a recession.
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