Last Week the Richest People In The World Lost Billions
Amazon founder Jeff Bezos saw his individual wealth drop $9 billion (4.5% of his total wealth). Elon Musk saw his drop $8.5 billion and Mark Zuckerberg also saw a drop of $4.2 billion. Bill Gates' only lost $2.9 billion. Even after these losses, the 10 richest billionaires still have a collective net worth of $830 billion.
MacKenzie Scott, ex-wife of Bezos and the richest woman in the world Also experienced a loss, seeing her net worth drop by $3.2 billion.
Musk, Zuckerberg, and Gates have net worths of at least $100 billion each so they should all be ok. The market reacted the growing view that the tech companies have inflated valuations and began a large tech sell-off this week that saw the Dow plunged 740 points on Thursday.
While this seems like an incredible amount of money to lose the pandemic has truly destroyed the lives of common Americans with one in five facing eviction in September and food banks seeing more and more people visiting them in need of assistance.