Elon Musk and Jeff Bezos lose billions amid horror stock market crash

The expected rise in interest rates has caused the stock market to dip, resulting in Elon Musk and Jeff Bezos losing billions.

57 seconds read time

Over the last seven days, the stock market has taken a tumble causing top technology billionaires to lose a considerable amount of money.

Elon Musk and Jeff Bezos lose billions amid horror stock market crash 01

Following the announcement that the Federal Reserve is expected to announce an increase in interest rates in an effort to combat inflation, the stock market has dipped, marking the biggest decrease since the start of the COVID-19 pandemic in March 2020. Billionaires such as Elon Musk felt the dip as his personal fortunes decreased by a staggering $25 billion over seven days.

Notably, former Amazon CEO and Blue Origin founder Jeff Bezos also felt the drop as reports indicate a loss of $20 billion over seven days. According to a Bloomberg analysis, the dip in the stock market didn't just affect Musk and Bezos, as the top five technology billionaires collectively lost $67 billion over the same seven-day period. Facebook founder Mark Zuckerberg lost $10.4 billion, Google founder Larry Page lost $7.6 billion, and Microsoft founder Bill Gates lost $4.3 billion.

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NEWS SOURCES:news.com.au, bloomberg.com

Jak joined the TweakTown team in 2017 and has since reviewed 100s of new tech products and kept us informed daily on the latest science, space, and artificial intelligence news. Jak's love for science, space, and technology, and, more specifically, PC gaming, began at 10 years old. It was the day his dad showed him how to play Age of Empires on an old Compaq PC. Ever since that day, Jak fell in love with games and the progression of the technology industry in all its forms. Instead of typical FPS, Jak holds a very special spot in his heart for RTS games.

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