Tuesday was one of the worst days of 2022 for the Wall Street. The US economy is going through a rough patch due to the global economic slowdown. Wall Street saw a bloodbath after the release of US inflation data was released. Markets reacted adversely after a more-than-expected rate of inflation.
Major stock in all three stock exchanges experienced the sell-off. 2 of the world’s richest business tycoons experienced the loss of multi-billion dollars due to this sudden slump. According to the Bloomberg Billionaires Index, Jeff Bezos lost around $9.8 billion while Musk’s net worth dropped by $8.4 billion.
US Markets Bleed:
According to the media reports all three major stock indices Dow Jones, S&P, and Nasdaq dipped badly. On Tuesday, the Dow Jones Industrial Average dipped 1,276.37 points, or 3.94 percent, to 31,104.97, the S&P 500 lost 177.72 points, or 4.32 percent, to 3,932.69, and the Nasdaq Composite dropped 632.84 points, or 5.16 percent, to 11,633.57. This is the biggest percentage drop since 2020.
Top Billionaires Lost Huge Sums:
Many other billionaires also faced the heat and lost huge money this Tuesday. Renowned investor Warren Buffett and Microsoft founder Bill Gates lost $3.4 billion and $2.8 billion. Mark Zuckerberg, Larry Page, Sergey Brin, and Steve Ballmer, lost more than $4 billion as per Bloomberg data. Out of the top 10 billionaires, 8 lost a total sum of 41 billion dollars.
US Inflation Continues To Worry:
US Inflation reached 8.3 % after a 0.1% increase in August.US Inflation has been a cause of concern since May. From 8.6 percent in May, US inflation rose to 9.1 percent in June and later fell to 8.5 percent in July. Top economic experts predict that inflation would be a cause of concern in near future.
Some Gains The Next Day:
Although very next day world’s richest man and Tesla chief Elon Musk got some relief as his wealth increased by 7.5 billion dollars, due to improvements in markets. Jeff Bezos’s wealth also increased by a small margin of 1.78 billion Dollars.
