Jeff Bezos loses $10 billion overnight; Elon Musk takes a $8-billion hit

The fortunes of the US’ richest billionaires tumbled on Tuesday by $93 billion, the ninth-worst daily loss ever, as hotter-than-expected US inflation data roiled markets.
 

Jeff Bezos's wealth plunged by $9.8 billion, the most among those tracked by the Bloomberg Billionaires Index. Elon Musk's net worth dropped by $8.4 billion. The fortunes of Mark Zuckerberg, Larry Page, Sergey Brin and Steve Ballmer all declined by more than $4 billion, while Warren Buffett and Bill Gates lost $3.4 billion and $2.8 billion, respectively. 

The billionaires’ large daily losses reflect the broad selloff in the US stock market, as investors bet that consumer price index data that came in higher than expected will cause the Fed to raise interest rates aggressively. The S&P 500 fell 4.4 per cent, the most since June 2020, while the tech-heavy Nasdaq 100 tumbled 5.5 per cent.