Billionaires lose fortunes – $295 bn has already been forfeited
11:54
The world's ten richest people have lost about $50 billion in one day. This is the result of the stock market declines. On an annual basis, the fortunes of the ten rich have already fallen by $295 billion, or 20 percent.
Due to a 4 percent drop in Tesla's shares, Elon Musk's fortune fell by $8 billion. Jeff Bezos lost nearly $10 billion after Amazon's stock lost 7 percent in value. Larry Page and Sergey Brin, co-founders of Alphabet, nicknamed the "Google boys," lost about $5 billion each due to the search engine and advertising giant's stock price dropping 6 percent. Similarly, a 5 percent drop in Microsoft's stock caused the software titan's co-founder Bill Gates to lose $3 billion and former CEO Steve Ballmer to lose $5 billion. Meanwhile, Warren Buffett's net wealth declined by $3 billion. This is the result of a decline in the value of Berkshire Hathaway shares. Larry Ellison's wealth declined by $2 billion due to a decline in the value of Oracle shares, and Mark Zuckerberg's wealth declined by $6 billion due to a decline in Meta's share price. In addition, LVMH CEO Bernard Arnault's wealth decreased by $4 billion.
A total of eight of the 10 richest people on the list saw their fortunes fall on Tuesday. Only Gautam Adani and Mukesh Ambani, two Indian billionaires, showed an increase in the value of their assets. Since the beginning of January, Adani's fortune has increased by about $70 billion, while Ambani's wealth has increased by about $4 billion.
