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US inflation data cause stock markets to tremble, costing Elon Musk and Jeff Bezos over $18 billion

Elon Musk and Jeff Bezos

Top billionaires Jeff Bezos, the founder of Amazon, and Elon Musk, the CEO of Tesla, both lost billions on Tuesday as Wall Street saw carnage due to a widespread stock market sell-off following the announcement of higher-than-expected US inflation figures.

According to the Bloomberg Billionaires Index, the overall consumer price index rose 0.1% in August and was 8.3% higher than it was a year earlier. Jeff Bezos lost almost $9.8 billion (roughly Rs 80,000 crore), while Elon Musk’s net worth decreased by $8.4 billion (around Rs 70,000 crore).

According to sources, following the Covid-19 pandemic, all three of the major US stock indices—Dow Jones, S&P, and Nasdaq—fell to record lows after seeing their largest one-day percentage drops since June 2020.

This week, the markets posted four-day winning streaks, which was advantageous for investors.

On Tuesday, the Nasdaq Composite fell 632.84 points, or 5.16%, to 11,633.57, the S&P 500 lost 177.72 points, or 4.32%, to 3,932.69, and the Dow Jones Industrial Average fell 1,276.37 points, or 3.94%, to 31,104.97. The 11 main sectors of the S&P 500 ended the session with significant losses.

Mark Zuckerberg, Larry Page, Sergey Brin, and Steve Ballmer, among other prominent billionaires, lost more than $4 billion.

According to the recently disclosed Bloomberg data, well-known investor Warren Buffett and Microsoft founder Bill Gates lost $3.4 billion and $2.8 billion, respectively.

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