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The biggest loss for “Wall Street” in two years, the wealthy of America incurred $ 93 billion

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September 14, 2022

10:15 am




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A massive sell-off sent US stocks sharply lower on Tuesday after a report showed US inflation unexpectedly rose in August, dashing hopes that the Federal Reserve will ease policy tightening in the near future.
All three major US stock indices fell sharply, halting a four-day winning streak, and incurring the largest one-day loss in more than two years.
Increased risk aversion pushed all major sectors lower, with interest rate-sensitive technology stocks led by Apple, Microsoft and Amazon being the biggest losers. The Standard & Poor’s index lost 4.32%, while the Nasdaq Composite lost 5.16%, falling to 11,635.01 points. The Dow Jones Industrial Average fell 1285.66 points, or 3.97%, to 3,1095.68 points.
This sharp decline led to the loss of the wealthy of the United States about 93 billion dollars of their combined wealth within 24 hours, knowing that this loss is only on paper, and even the wealthy usually take advantage of the sharp decline to buy more shares.
According to Bloomberg’s Rich List, Amazon founder Jeff Bezos’ fortune fell by $9.8 billion, topping the list of losers for the night, followed by Tesla President Elon Musk, who lost $8.4 billion of his fortune, while Facebook founder Mark Zuckerberg’s fortune declined by about 5.6 billion. dollar.
The fortune of Omaha’s godfather, Berkshire Hathaway’s president, Warren Buffett, fell by $3.4 billion, and Bill Gates’ fortune fell by $2.8 billion.
Data revealed that the US consumer price index rose 8.3% in August on an annual basis, exceeding expectations of 8.1%, and raising expectations of a strong US interest rate hike at next week’s meeting.
The US Labor Department said its consumer price index rose 0.1% last month after remaining unchanged in July. Economists polled by Reuters had expected a 0.1% decline.

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