Jeff Bezos Loses Rs 80,000 Crores In A Day: How Did All This Happen?

On Tuesday, as higher-than-anticipated US inflation figures shook Wall Street, the fortunes of America’s richest billionaires plummeted.

The fortune of Jeff Bezos fell by $9.8 billion (approximately 80,000 crores) in a single day, the largest among the billionaires monitored by the Bloomberg Billionaires Index.

Elon Musk, the richest man in the world, saw his fortune fall by $8.4 billion (about 70,000 crores) in the meantime. According to Bloomberg data, the net worths of Mark Zuckerberg, Larry Page, Sergey Brin, and Steve Ballmer all dropped by over $4 billion, while those of Warren Buffett and Bill Gates fell by $3.4 billion and $2.8 billion, respectively.

The Amazon online store, run by Jeff Bezos, is the largest of its kind in the world. The Seattle-based firm’s principal website features a wide variety of products, including electronics, home goods, and more. In addition, he controls the space travel firm Blue Origin.

Musk is the CEO of Tesla, which manufactures and distributes electric vehicles and residential solar batteries. Musk is the CEO of SpaceX, a rocket business that NASA has contracted to resupply the space station, and he also owns a portion of the shares in Twitter.

The Bloomberg Billionaires Index ranks the wealthiest individuals in the world every day. At the end of each New York trading day, the data are revised.

According to the Labor Department, the Consumer Price Index (CPI) in the United States rose 0.1% in August from July, after showing no change in July.

Prices increased 8.3% from the previous year, which is less than the median expectation of 8.1% but still over the prior year’s 8.2% increase. The so-called core consumer price index, which excludes the more erratic food and energy components, also outpaced expectations.

The Federal Reserve was watching the news closely as it prepared to make its next interest rate decision next week, and as the report came in hotter than expected, stocks on Wall Street plummeted, with the Dow shedding over 1,300 points and the S&P 500 plummeting 4.3 percent.

Jeff Bezos Loses Rs 80,000 Crores In A Day

Jerome Powell, the head of the Federal Reserve, has made it clear that the benchmark lending rate will continue to rise until inflation is brought under control.

This year, inflation has skyrocketed all around the world as a result of rising energy and food costs.

The stock market had been on an upswing as investors clung to the idea that the Federal Reserve could lighten up on its arduous anti-inflation struggle as a result of slower price hikes, but the data dashed those aspirations for the time being. It is recommended that you go to TheActiveNews.Com if you want to read more recent updates.

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