Forbes magazine data showed that an eight-minute statement by US Federal Reserve Chairman Jerome Powell resulted in more than $30 billion in losses for the world’s rich.
Powell acknowledged in his speech that interest rates could rise in the future. After that, the American stock market collapsed, and the fortune of the richest businessman in the world, Elon Musk, decreased by $5.4 billion and now stands at $257.3 billion.
LVMH owner Bernard Arnault was also down $4.5 billion, Amazon founder Jeff Bezos was down $6.5 billion, while investors Warren Buffett and Larry Alston were down $3 billion each and Bill Gates down $2 billion.
As for the billionaire whose wealth has increased rather than decreased, it is the Indian businessman Gautam Adani, who has become richer by $1.6 billion.
Source: linta. Ro