Jeff Bezos loses ₹80,000 crore in a day, Elon Musk ₹70,000 crore
Premium- America’s richest billionaires' net worth plunged on Tuesday after higher-than-expected US inflation data
America’s richest billionaires' net worth plunged on Tuesday as higher-than-expected US inflation data roiled Wall Street. Jeff Bezos’s wealth plunged by $9.8 billion (around ₹80,000 crore) in a day, the most among those tracked by the Bloomberg Billionaires Index.
Meanwhile, world's richest person Elon Musk’s net worth dropped by $8.4 billion (around ₹70,000 crore). 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, as per the Bloomberg data.
Jeff Bezos is the founder of Amazon, the world's biggest online retailer. The Seattle-based company sells electronics, household goods and other products through its flagship website. He also owns space exploration company Blue Origin.
Musk is the chief executive of Tesla, which sells electric vehicles and home solar batteries. Musk's also the chief executive of SpaceX, a rocket manufacturer tapped by NASA to resupply the space station, and has a stake in social networking company Twitter.
The Bloomberg Billionaires Index is a daily ranking of the world’s richest people. The figures are updated at the close of every trading day in New York.
The US consumer price index (CPI) increased 0.1% from July, after no change in the prior month, Labor Department data showed. From a year earlier, prices climbed 8.3%, a slight deceleration but still more than the median estimate of 8.1%. So-called core CPI, which strips out the more volatile food and energy components, also topped forecasts.
Wall Street shares plunged, with the Dow losing nearly 1,300 points and the S&P 500 falling 4.3 percent, after the hotter-than-expected report, closely watched by the Federal Reserve as it prepares for its next interest rate decision next week. Fed Chair Jerome Powell has made it clear the increases in the benchmark lending rate would continue until inflation is tamed. Inflation has soared around the globe this year owing to sky-high energy and food bills.
Stocks had rebounded in recent days as investors clung to the hope that slowing price increases would allow the Federal Reserve to eventually pull back on its tough anti-inflation fight, but the data extinguished those hopes for now.
(With inputs from Bloomberg)
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