8-minute speech wipes off over $80 billion in worth in minutes

8 minutes and 80 billion wiped out. That's the kind of punch Jerome Powell's speech packed for the markets and the worst hit were the richest. On Friday, the Dow Jones Industrial Average plunged 1,008 points and tech-heavy Nasdaq Composite dropped 3.94%.

As per data from Bloomberg Elon Musk’s saw $5.5 billion erased from his wealth while next of the rich list Jeff Bezos lost $6.8 billion. The fortunes of Bill Gates and Warren Buffett declined by $2.2 billion and $2.7 billion.

With recession talks hovering around the US economy the world richest have become 'poorer'. The world’s 500 richest people lost $1.4 trillion in the first half of 2022, the steepest six-month drop ever for the wealthiest people on the planet.

From the start of the year, the crypto crash has made Binance CEO Changpeng Zhao lose $65.3 billion, Meta founder Mark Zuckerberg is worth a lot less in 2022 as well have shed $65 billion. And it's not just the tech titans losing their pole positions, France's richest person is the chairman of LVMH, Bernard Arnault has lost $40 billion.

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