The world’s top 10 wealthiest individuals have seen a staggering loss of over $82 billion from their fortunes over a span of 10 days. None escaped the recent wave of downturns that impacted stock markets in light of the Federal Reserve’s meeting minutes indicating potential interest rate hikes and the United States’ credit rating downgrade by the agency “Fitch.”
The decline hit the indices hard. Elon Musk, CEO of “Tesla”, alone witnessed a $24 billion loss in his wealth during recent sessions.
The scale of wealth mirrors the magnitude of losses. His counterpart on the list, the Frenchman Bernard Arnault, had the second-largest loss of $14 billion. Meanwhile, the CEO of “Facebook” was third in terms of loss value, which stood at $11 billion. This is attributed to the significant surge in “Meta Platforms” stocks since the beginning of the year, as many believe the Federal Reserve’s decision stimulated a market correction following an extended period of gains.
Jeff Bezos, the co-founder of “Amazon”, too, was not spared, enduring a loss of $7 billion over the last ten sessions. Four other billionaires each lost $4 billion: Warren Buffett, Larry Page, Steve Ballmer, and Sergey Brin.
