Market Downturn Slices $66 Billion from World’s Top 10 Wealthiest Individuals

The decline in the stock market on Wednesday significantly impacted the fortunes of the world’s richest individuals, with the top ten losing nearly $66 billion collectively as shares of companies like Tesla, Alphabet, and Meta dropped. Tech stocks suffered notable losses after disappointing second-quarter earnings reports from Tesla and Alphabet were released late Tuesday.

The most affected was Tesla CEO Elon Musk, whose wealth decreased by $17.1 billion to $231 billion due to a 12% drop in Tesla’s stock. Despite this, Musk remains the richest person globally, maintaining a $33 billion lead over Amazon chairman Jeff Bezos, who lost $5.2 billion as Amazon shares fell almost 3%.

Other sectors were not spared. Shares of French luxury giant LVMH dropped 4.6% after missing revenue estimates in its second-quarter earnings, resulting in an $8.4 billion loss for Chairman and CEO Bernard Arnault, the world’s third richest person.

Here’s the breakdown of losses for the ten wealthiest individuals on Wednesday:

• • Elon Musk (Tesla): Lost $17.1 billion, net worth now $231.6 billion. Musk spent part of the day at the U.S. Capitol for Israeli Prime Minister Benjamin Netanyahu’s address to Congress. Tesla reported a 45% profit decline in the second quarter, exceeding analysts’ expectations. Over half of Musk’s fortune is tied to Tesla.
  • Jeff Bezos (Amazon): Lost $5.2 billion, net worth now $198.6 billion. Amazon’s stock, affected by the tech sector downturn, dropped 2.99%. Amazon’s second-quarter earnings are due next week.
  • Bernard Arnault (LVMH): Lost $8.4 billion, net worth now $181.8 billion. LVMH’s revenue for the second quarter rose 1% to €20.98 billion, below the estimated €21.6 billion. Shares fell nearly 4.7% in Paris.
  • Larry Ellison (Oracle): Lost $6 billion, net worth now $171.2 billion. Oracle’s stock dropped 3% amid the tech sector’s decline.
  • Mark Zuckerberg (Meta): Lost $9.5 billion, net worth now $161.9 billion. A 5.6% drop in Meta shares resulted in substantial losses for Zuckerberg, who retains his spot as the fifth richest person.
  • Larry Page and Sergey Brin (Alphabet): Lost $7.2 billion (Page) and $6.7 billion (Brin), net worths now $143.1 billion (Page) and $137.1 billion (Brin). Alphabet’s shares fell over 5% due to slower ad-sales growth and ongoing AI investments.
  • Warren Buffett (Berkshire Hathaway): Lost $312 million, net worth now $136.4 billion. Berkshire Hathaway’s Class A shares dipped 0.2%, causing minimal impact on Buffett’s fortune.
  • Bill Gates and Steve Ballmer (Microsoft): Lost $1.7 billion (Gates) and $3.8 billion (Ballmer), net worths now $132.6 billion (Gates) and $126.4 billion (Ballmer). Both saw their fortunes decrease due to a nearly 3.6% drop in Microsoft shares ahead of the company’s earnings report on July 30.

Despite the overall downturn, the fortunes of these individuals remain substantial, underscoring their significant holdings and the volatility of stock market investments.

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