Inflation, Interest Rates, the Stock Market & Billionaires


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.

  • *Amazon’s Jeff Bezos took a $6.8 billion loss
  • *Elon Musk lost $5.5 billion
  • *Warren Buffett had his portfolio lose $2.7 billion
  • *Bill Gates lost $2.7
  • *Google cofounder, Sergey Brin saw his fortune fall below $100 billion

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 —

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