The world’s richest people lost $30 billion after Jerome Powell’s speech on Friday, Forbes reported.
The chairman of the Federal Reserve stated that interest rates could increase in the near future, sending the US stock market into a tailspin. As a result, Elon Musk, the world’s richest person, lost $5.4 billion. The founder of Tesla and SpaceX is now worth $257.3 billion, according to Forbes.
Among other billionaires who suffered losses after the symposium in Jackson Hole are Bernard Arnault, the owner of LVMH (-$4.5 billion), Jeff Bezos, the founder of Amazon (-$6.5 billion), as well as investors Warren Buffett and Larry Ellison (-$3 billion). The net worth of Bill Gates, the founder of Microsoft, decreased by $2 billion.
The only billionaire on the Forbes list whose fortune increased after Powell’s speech is Indian businessman Gautam Adani, who gained $1.6 billion.
Russian billionaires have lost about $60 billion in total since the beginning of 2022 due to US and EU sanctions, Bloomberg reported.
