After Fed Chairman Jerome Powell gave a short 8-minute speech at the Jackson Hole symposium, several billionaires saw a sharp dip in their fortunes estimated at over $30 billion in total. Powell’s speech erased more than $30 billion from the world’s richest people according to Forbes. The Fed chairman signaled that the regulator would keep raising interest rates. After the announcement, the US stock market plummeted sharply. Thus, Elon Musk’s fortune shrank by $5.4 billion to $257.3 billion. Bernard Arnault, the chairman of LVMH, lost $4.5 billion. Amazon founder Jeff Bezos suffered a $6.5 billion loss. Warren Buffet and Larry Elisson became “poorer” by $3 billion each. Bill Gates's fortune was knocked by $2 billion. Meanwhile, Indian industrialist Gautam Adani managed to benefit from the downturn and added $1.6 billion to his wealth.
