Bloomberg reports that the wealthiest Americans have lost $93 billion due to inflation-fuelled stock market volatility

Downfall of Jeff Bezos's wealth, according to Bloomberg Billionaires Index

Jeff Bezos's wealth fell by $9.8 billion, the most of any billionaire tracked by the Bloomberg Billionaires Index.

Elon Musk lost $8.4 billion in wealth. Mark Zuckerberg, Larry Page, Sergey Brin, and Steve Ballmer all saw their fortunes drop by more than $4 billion. Warren Buffett and Bill Gates each saw their fortunes drop by $3.4 billion and $2.8 billion.

Financial markets were roiled due of stronger US inflation numbers

As a result of US inflation statistics that was higher than expected, financial markets were roiled on Tuesday, which caused the fortunes of the United States' wealthiest billionaires to fall by $93 billion. This was the ninth-worst daily loss ever recorded.

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Bloomberg Billionaires Index shows biggest drop among billionaires

The wealth held by Jeff Bezos decreased by $9.8 billion, which was the largest decline among the billionaires monitored by the Bloomberg Billionaires Index. A decrease of $8.4 billion may be seen in Elon Musk's net worth. Mark Zuckerberg, Larry Page, Sergey Brin, and Steve Ballmer each saw their fortunes decrease by more than $4 billion, while Warren Buffett and Bill Gates each saw their fortunes decrease by $3.4 billion and $2.8 billion, respectively.

Markets and billionaires' fortunes have suffered recently.

The massive daily losses of the billionaires are reflective of the broader selloff in the US stock market as investors bet that the Federal Reserve will hike interest rates more aggressively in response to consumer price index data that came in higher than expected. The S&P 500 dropped 4.4%, the most since June 2020, and the Nasdaq 100 Index, which is heavily weighted toward technology companies, dropped 5.5%, the largest since a drop of over 12% in March 2020.

The markets and the wealth of the world's billionaires have had a string of bad days this year, and today is no exception. U.S. millionaires lost $78 billion in a single day last month after Federal Reserve Chair Jerome Powell gave an eight-minute speech. The combined wealth of the world's 500 richest people is down by nearly $1.2 trillion since the beginning of the year. Meta Platforms Inc. CEO Mark Zuckerberg lost $68.3 billion, or 54% of his money, while Binance CEO Changpeng Zhao lost $61 billion, or 64% of his fortune.