During the past week, some of the richest people like Elon Musk and Jeff Bezos lost a number of their fortunes due to a drop in tech stocks and cryptocurrencies.
The richest person in the world, Elon Musk, lost $25.1bn. While Jeff Bezos saw a $20bn drop in his fortune. The worst one is Meta’s Mark Zuckerberg is $10.4bn according to Bloomberg reports. Since the beginning of the Covid-19 pandemic, that was the worst week for the stock market.
Nasdaq stock, the tech-focused company, was down 7.6 percent for the week. Which is the fourth successive weekly drop for the index, and its biggest decline since March 2020.
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Major earnings reports are going to be shown next week including Apple, Tesla, Intel, and Microsoft, which will lead to expanding the turbulence in the markets.
cryptocurrencies also suffered from a major dropping. Bitcoin faced a dramatic drop to a six-month low in addition to other cryptos. It was even worse for the investors who lost hundreds of billions of dollars over the week.
Back to Teslas and SpaceX CEO wealth, which dropped nine percent, but don’t worry, he is still number one on the list as the world’s wealthiest person with a total fortune of $243.4bn. In the second place, according to the Bloomberg Billionaires Index, is Mr. Bezos trails. Mr. Bezos with wealth totaling $167.6bn.
But he is threatened to lose this place by the French luxury retail tycoon Bernard Arnault, with $167.5bn, since he is the only person on the wealth list to not lose any net worth in the past week.
