Tesla CEO Elon Musk and Amazon founder Jeff Bezos are among some of the world’s richest men who lost around $50 billion combined after the stock market slumped earlier this week.
Eight of the 10 wealthiest in the world saw their fortunes take huge hits Tuesday after the stock market had its worst day since June 2020 following a crucial inflation reading that came in worse than expected.
Musk saw his net worth drop $8 billion after Tesla stock fell 4%, and Bezos’s wealth suffered a nearly $10 billion hit from his Amazon stock sliding 7% in value Tuesday, according to Markets Insider.
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Alphabet’s co-founders, dubbed the “Google Guys,” Larry Page and Sergey Brin also lost $5 billion each when their stock dropped 6%. Drops in Microsoft stock also affected co-founder Bill Gates with a $3 billion loss.
Among the Big Tech stocks that were crushed Tuesday, Netflix also lost more than 7%, and Meta, the parent company of Facebook, shed more than 9% of its value. Apple declined by 6% as investors sold their holdings.
The stock market had a modest rebound Wednesday, though economists at Bank of America reportedly noted that the Federal Reserve is expected to warn market participants of a marked economic slowdown.
“This will likely come through projections that show less growth, higher unemployment, and a more restrictive policy rate stance,” Bank of America strategist Michael Gapen said. “While the Fed is still likely to view a soft landing as a modal outcome, the window appears to be narrowing.”
Musk’s net worth rebounded with a $7 billion gain Wednesday, according to the Bloomberg Billionaires Index, while Bezos’s increased nearly $2 billion. Gates’s wealth, however, continued to suffer with another $1 billion drop.
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Despite Tuesday’s stock market blows to 10 of the world’s wealthiest men, their combined fortunes are worth nearly $1.2 trillion combined.
