Billionaires Elon Musk and Jeff Bezos saw their fortunes plunge on Tuesday after a higher-than-anticipated inflation report was released, which led market experts to brace for another aggressive interest rate hike from the Federal Reserve.
Amazon founder Bezos’s wealth plunged by $9.8 billion, according to the Bloomberg Billionaires Index, while Tesla founder Musk saw his net worth decline by $8.4 billion.
The billionaire businessmen were not the only ones to suffer huge losses to their fortune; Facebook founder Mark Zuckerberg, former CEO of Alphabet Larry Page, and co-founder of Alphabet, Sergey Brin, also dropped their fortunes by more than $4 billion.
Warren Buffett and Bill Gates also lost $3.4 billion and $2.8 billion, respectively, according to the Billionaires Index….