It’s tough to be a billionaire these days.
Federal Reserve Chairman Jerome Powell gave a speech a week or so ago on interest rates. To battle inflation, Powell said the Fed will keep raising them and will — for the unforeseeable future — keep them up.
A few minutes later the stock market started to drop. The S&P fell 3.4%. Nasdaq — where Microsoft, Amazon, Tesla and Alphabet reside — lost over 4%.
Billionaires by the bunch took hits totaling $78 billion. Here’s a short list of billionaires with recognizable names and what they lost.
This has been a tough year for billionaires and the ultra rich. The 500 richest people on the planet lost $1.4 trillion in the first half of 2022. It’s the biggest fall ever seen for the wealthiest people in the world.
Source link: MSN — https://bit.ly/3wGCs9A
Inflation, Interest Rates, the Stock Market & Billionaires
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