The world’s 500 richest individuals collectively lost $134 billion overnight due to a massive stock market sell-off driven by recession fears in the United States.
According to Bloomberg’s calculations, technology billionaires, who dominate the list of the world’s wealthiest, saw their combined wealth shrink by $68 billion.
Mark Zuckerberg, Sergey Brin, and Larry Page each lost over $3 billion. Elon Musk’s net worth fell to $235 billion as of August 2, according to the Bloomberg Billionaires Index.
Amazon faced the steepest decline, with its shares dropping nearly 9% in a single day, erasing almost $16 billion from founder Jeff Bezos‘ fortune. This marks the third-largest loss for Bezos, who previously saw his wealth decrease by $36 billion in April 2019 following his divorce settlement. Bezos’ net worth now stands at approximately $191 billion.