The top five wealthiest individuals in the world jointly lost $50 billion of their personal fortune as the New York Stock Exchange declined on Tuesday over concerns about escalating inflation.
Prominent tech billionaires such as Elon Musk, Jeff Bezos, Warren Buffet, and the Google Guys were not exempted as prices of stocks fell on Tuesday, Sept. 14, according to a report by Market Insider.
FUERSTENWALDE, GERMANY - SEPTEMBER 03: Tesla head Elon Musk arrives to have a look at the construction site of the new Tesla Gigafactory near Berlin on September 03, 2020 near Gruenheide, Germany. Musk is currently in Germany where he met with vaccine maker CureVac on Tuesday, with which Tesla has a cooperation to build devices for producing RNA vaccines, as well as German Economy Minister Peter Altmaier yesterday.
Billionaires Losing Billions
According to the Bloomberg Billionaires Index, Elon Musk's wealth decreased by $8 billion as a result of the 4% decline in Tesla stock, while Jeff Bezos' wealth decreased by over $10 billion .as a result of the 7% drop in the value of his Amazon shares.
The 6% decline in the stock price of the search-and-advertising giant cost the "Google Guys" Larry Page and Sergey Brin, cofounders of Alphabet, roughly $5 billion each.
Software powerhouse Microsoft also experienced a 5% decline in share prices, making founder Bill Gates and former CEO Steve Balmer $3 billion and $5 billion poorer.
Gates' close friend Warren Buffett, the only person in the top 10 of Bloomberg's Billionaire List with "Diversified" holdings, also suffered a loss of $3 billion on Tuesday, while Facebook founder Mark Zuckerberg lost $6 billion as well.
Market Insider further noted that these men's personal wealth has fallen by as much as $295 billion, or 20%, since the beginning of 2022, demonstrating that the markets aren't as booming as one might hope.
GLASGOW, SCOTLAND - NOVEMBER 02: Jeff Bezos speaks during an Action on Forests and Land Use event on day three of COP26 on November 02, 2021 in Glasgow, United Kingdom. 2021 sees the 26th United Nations Climate Change Conference. The conference will run from 31 October for two weeks, finishing on 12 November. It was meant to take place in 2020 but was delayed due to the Covid-19 pandemic.
Indian Billionaires Break the Pattern
The only billionaires who have defied this pattern are the Indian billionaires Mukesh Ambani and Gautam Adani, who not only avoided the market drop on Tuesday but are so far seeing the year in the green.
Ambani's own wealth has increased by $4 billion over the course of this year thanks to his energy-focused portfolio, and Adani's fortunes have risen by an astounding $70 billion, according to a study by Markets Insider.
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Written by Joaquin Victor Tacla
