Only two of the top 10 billionaires registered gains.
The world's top richest people collectively lost $50 billion of their personal fortune as the New York Stock Exchange slumped on Tuesday amidst fears of rising inflation and looming inflation. Elon Musk, Jeff Bezos, Warren Buffet, Google Guys, nobody was spared as prices of stock held by them tumbled,Even as most people struggled to balance their work and life during the pandemic, the world's top billionaires were struck gold and saw their fortunes soar.
with such demands, but as time has passed and the pandemic has mellowed, the fears of a slowdown in the economy have set in. The Russian aggression in Ukraine sent fossil fuel prices through the roof, and the subsequent inflation has hit everybody hard. To rein in the inflation, countries have been hiking interest rates, which are expected to put brakes on the sluggish economy and send us into a recession.
Google's parent company Alphabet also saw its stock price slide by six percent, which saw the cofounders Larry Page and Sergey Brin, popularly known as the Google Guys, lose about $5 billion each. Software giant Microsoft also saw its stock prices go down by five percent, which left founder Bill Gates and former CEO Steve Balmer poorer by $3 billion and $5 billion, respectively.but this is definitely not the way he wants it done.
Gates' dear friend Warren Buffett, who is the only person in the top 10 of Bloomberg's Billionaire List to have 'Diversified' holdings, wasn't spared either and lost $3 billion of his personal worth erased on Tuesday, while Facebook founder Mark Zuckerberg, foundSince the beginning of 2022, these men have seen their personal fortunes reduce by as much as $295 billion or 20 percent for this year alone, showing that the markets aren't as buoyant as one would want them to...
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