Stock market tumble deals a blow to 8 of top 10 billionaires

The stock market decline on Tuesday took an estimated $50 billion off the combined worth of ten of the world's richest men. According to the Bloomberg Billionaires Index, Elon Musk's wealth decreased by $8 billion as a result of the 4% decline in Tesla stock, while Jeff Bezos' wealth decreased by over $10 billion as a result of the 7% decline in the value of his Amazon shares. Larry Page and Sergey Brin, the Alphabet co-founders, nicknamed the "Google Guys," each lost about $5 billion on paper due to the search-and-advertising giant's stock price dropping 6%. On the same lines, a 5% decline in Microsoft stock faced a $3 billion blow to the enterprise-software titan's cofounder, Bill Gates, and a $5 billion loss to its former CEO, Steve Ballmer. Warren Buffett's wealth decreased by $3 billion as the value of Berkshire Hathaway stock sank, Larry Ellison's wealth decreased by $2 billion as the value of his Oracle shares reduced, and Mark Zuckerberg's wealth shrunk by $6 billion as the value of Meta's stock declined. The CEO of LVMH, Bernard Arnault, also experienced a $4 billion decline in wealth, bringing his total wealth loss for the year to $43 billion. Among the index's biggest losses are Bezos and Zuckerberg, whose wealth has dropped by $42 billion and $68 billion, respectively, since the start of January. The combined wealth of the 10 men were down $295 billion, or 20%, as of Tuesday's close, due to a general decrease in stocks and mounting concerns over persistent inflation, much higher interest rates, and the possibility of a market slump and recession. They remained to be among the top 20 richest persons on the planet, and their total wealth was still close to $1.2 trillion. On Tuesday, the fortunes of eight of the top ten people on the rich list declined. Only two Indian billionaires, Mukesh Ambani and Gautam Adani saw increases in their net worth on the day. Since the beginning of January, Adani's wealth has increased by roughly $70 billion, while Ambani's wealth has increased by about $4 billion.