Business: Despite rose of US stock market since 2022, 10 world richest people had just lost $50 billion in total today. | The Countdown Nigeria
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Business: Despite rose of US stock market since 2022, 10 world richest people had just lost $50 billion in total today.

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Ten of the world’s wealthiest men saw an estimated $50 billion wiped from their combined fortunes by the stock market’s slump on Tuesday.

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According to Business Insider , Elon Musk’s wealth took a $8 billion hit from Teslastock falling 4%, while Jeff Bezos’ net worth shrunk by almost $10 billion as his Amazone shares slid 7% in value.

Larry Page and Sergey Brin, the Alphabet cofounders nicknamed the “Google Guys,” each lost about $5 billion on paper due to the search-and-advertising giant’s stock price dropping 6%.

Similarly, a 5% slump in Microsoft  stock dealt a $3 billion blow to the enterprise-software titan’s cofounder, Bill Gates, and a $5 billion whack to its former CEO, Steve Ballmer.

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Meanwhile, Warren Buffett’s net worth fell by $3 billion as Berkshare Hartway stock retreated, Larry Ellison’s fortune declined by $2 billion as his Oracle shares dipped in value, and Mark Zuckerberg’s wealth shrunk by $6 billion as Metas stock price tumbled.

Moreover,Luis Vitton –  LVMH CEO Bernard Arnault’s riches were reduced by $4 billion, lifting his total wealth decline for the year to $43 billion.

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Bezos and Zuckerberg also rank among the index’s biggest losers, with wealth declines of $42 billion and $68 billion respectively since the start of January.

As of Tuesday’s close, the 10 men’s combined wealth was down $295 billion or 20% for the year, reflecting a widespread decline in stocks amid growing frights  of stubborn inflation, sharply higher interest rates, and a potential market downturn and recession. 

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