Ten of the world’s wealthiest men saw an estimated $50 billion wiped from their combined fortunes by the stock market’s slump on Tuesday.
Elon Musk’s wealth took an $8 billion hit from Tesla stock falling 4%, while Jeff Bezos’ net worth shrunk by almost $10 billion as his Amazon shares slid 7% in value, according to the Bloomberg Billionaires Index.
Larry Page and Sergey Brin, the Alphabet co-founders nicknamed the “Google Guys,” each lost about $5 billion on paper due to the search-and-advertising giant’s stock price dropping 6%.
Similarly, a 5% slump in Microsoft stock dealt a $3 billion blow to the enterprise-software titan’s cofounder, Bill Gates, and a $5 billion whack to its former CEO, Steve Ballmer.
Meanwhile, Warren Buffett’s net worth fell by $3 billion as Berkshire Hathaway stock retreated, Larry Ellison’s fortune declined by $2 billion as his Oracle shares dipped in value, and Mark Zuckerberg’s wealth shrunk by $6 billion as Meta’s stock price tumbled.
Moreover, LVMH CEO Bernard Arnault’s riches were reduced by $4 billion, lifting his total wealth decline for the year to $43 billion. Bezos and Zuckerberg also rank among the index’s biggest losers, with wealth declines of $42 billion and $68 billion respectively since the start of January.
As of Tuesday’s close, the 10 men’s combined wealth was down $295 billion or 20% for the year, reflecting a widespread decline in stocks amid growing fears of stubborn inflation, sharply higher interest rates, and a potential market downturn and recession. Yet their combined wealth still approached $1.2 trillion, and they continued to rank among the 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, registered gains in net worth on the day. Adani’s wealth has surged by about $70 billion since the start of January, while Ambani’s wealth has grown by around $4 billion.
