Amazon founder Jeff Bezos’ fortune has fallen in the latest round of a broad sell-off in the US stock market, and as a result he has now fallen to the fourth-richest spot on Forbes’ real-time list of billionaires. The fortunes of other US billionaires have fallen since the recent market crash, driven by expectations of an even more aggressive Federal Reserve after a hot inflation reading.
Despite this extensive erosion of wealth, Elon Musk remained the richest person with a net worth of $273.5 billion, according to Forbes. This helped Indian billionaire Gautam Adani become the third richest person in the world. Mr Adani, with a current net worth of $154.7 billion, narrowly surpassed Louis Vitton’s Bernard Arnault and Amazon chief Jeff Bezos. But the slump in Indian shares pushed Mr Adani to third place on the world’s richest list, one place behind Bernard Arnault.
A drop of $2.3 billion dropped Mr. Bezos to fourth place with a fortune of $149.7. In the ninth-worst daily loss on record, the fortunes of America’s richest billionaires fell by $93 billion on Tuesday, according to the Bloomberg Billionaires Index, with Jeff Bezos’ fortune. with the biggest hit being nearly $10 billion. It’s the latest in a series of ugly selloffs this year for the markets and the fortunes of America’s billionaires. Last month, US billionaires lost $78 billion in a day after Federal Reserve Chairman Jerome Powell’s eight-minute speech.
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