Inflation figures were released in the US on Tuesday. After these figures came to light, the US stock market experienced a big decline. The shock of this decline has also hit the world's top billionaires. The fortunes of many of the worlds rich have fallen sharply.
Big blow to Jeff Bezos According to the Bloomberg Billionaires Index, the wealth of Amazon founder Jeff Bezos (Jeff Bezos) has decreased by $9.8 billion (about Rs. 80,000 crores INR) in one day. Jeff Bezos' net worth has seen the biggest decline. After this, Elon Musk's wealth decreased by 8.4 billion dollars (Rs. 70 thousand crores).
And how much damage to whom?
According to data released by Bloomberg, Mark Zuckerberg, Larry Page, Sergey Brin, and Steve Ballmer lost more than $4 billion in their wealth. In comparison, Warren Buffett and Bill Gates lost $3.4 billion and $2.8 billion, respectively.
US market tumbles 1300 points. Following the fall in the US market, the Dow Jones fell by around 1300 points, and the S&P also fell by 500 points. Retail inflation in the US was 8.3 percent in August. The US market is also witnessing major fluctuations in food and energy prices.
Worse-than-expected figures
The US figures have come in much worse than expected. Due to this, there has been a big fall in the market. The Federal Reserve may raise interest rates again by 0.75 percent at its meeting next week. For this reason, the stock market sold out all around when the inflation numbers came in.