Jeff Bezos shed $20 billion from his fortune. Changpeng Zhao of Binance dropped $17.7 billion, while Mark Zuckerberg’s wealth fell $10.4 billion.
It was a painful week for billionaires as everything from e-commerce to cryptocurrencies to online gaming tumbled. Markets fell by the most since the outbreak of the pandemic as the specter of interest rate hikes by the Federal Reserve settled over the economy.
Cryptocurrency prices were one of the biggest casualties, with Bitcoin plumbing six-month lows and other digital assets also taking a beating. Zhao, the chief executive officer of crypto exchange Binance, is now worth $75 billion, according to the Bloomberg Billionaires Index.
Elon Musk, the world’s richest person, saw his net worth drop by $25.1 billion — or more than 9% — this week.
Of the world’s 10 wealthiest people, only one avoided losing money this week: French luxury fashion mogul Bernard Arnault, who’s on the cusp of re-taking the no. 2 spot in the Bloomberg index from Bezos.
–With assistance from Jack Witzig.
This article was provided by Bloomberg News.
