Elon Musk, Jeff Bezos lost tens of billions of dollars because of stocks, cryptocurrencies

 Elon Musk, Jeff Bezos lost tens of billions of dollars because of stocks, cryptocurrencies

Musk - the world's richest man lost $ 25 billion this week, while Bezos' fortune fell $ 20 billion.

This week has been a traumatic week for global billionaires, as everything from e-commerce to cryptocurrencies to online games went down. US stocks even recorded the biggest weekly decline since the beginning of the pandemic, due to the possibility of the US Federal Reserve (Fed) raising interest rates.

Elon Musk - the world's richest man lost $25.1 billion, or more than 9% of his fortune - this week. Amazon founder Jeff Bezos' fortune fell by $20 billion. CEO Changpeng Zhao of Binance cryptocurrency exchange lost $17.7 billion, now remaining $75 billion. Meanwhile, Facebook CEO Mark Zuckerberg saw his fortune evaporated by 10.4 billion USD.

Jeff Bezos (left) and Elon Musk (right). Photo: Reuters

Jeff Bezos (left) and Elon Musk (right). Photo: Reuters

Cryptocurrencies are one of the biggest causes of billionaire wealth decline. Bitcoin has hit a 6-month low, currently trading around $36,400 a coin. Other cryptocurrencies, such as Ether, Sol or memecoins also suffered from devaluation.

On the US stock market, the Nasdaq Composite fell 2.7% yesterday, bringing the whole week's loss to 7.6% - the worst since October 2020. The S&P 500 fell 1.9% to 4,397 points. Technology stocks sold off when interest rates in the US were likely to be raised this year.

DJIA lost 450 points to 34,266. Both the DJIA and the S&P 500 recorded their third consecutive weekly decline and their worst week since 2020. The S&P 500 alone has lost 8% from its peak.

In the group of 10 richest people in the world, only one representative escaped the loss of money. That is the owner of the luxury fashion house LVMH Bernard Arnault. Arnault currently owns $ 167 billion, up $ 3 billion compared to the beginning of the week and is on track to take the second richest place in the world from Jeff Bezos.