The wealth of the world’s richest man diminished to $224 billion by the end of last week, having lost close to $8 billion, according to the “Bloomberg Billionaires Index”.
The CEO of “Tesla”, Elon Musk, was not the only loser among the world’s wealthy. The losses of the top 5 billionaires last week ranged between $2 billion to $8 billion each amid successive warnings from Wall Street giants about potential stock market downturns.
The declines were primarily driven by the U.S. Federal Reserve continuing its monetary tightening policy the week before, hinting at more increases to come.
Despite recent losses for the billionaires, this year witnessed a meteoric rise in their fortunes. The top 10 billionaires amassed gains exceeding $397 billion in value.
“Elon Musk” saw the most significant wealth gain since the start of the year following the meteoric rise of Tesla shares, accumulating over $87 billion. His rival, the founder of “Facebook”, Mark Zuckerberg, experienced the second-highest gains among billionaires, with $64.1 billion, bringing his net worth to $110 billion.
