World's 10 Richest People Lose $27 Billion In A Single Day As Stocks Bleed After US Credit Rating Downgrade

The net worths of each of the world's 10 richest people were left bleeding yesterday after US tech stocks suffered their biggest downfalls in months. On Wednesday, a downgrade of US credit rating by Fitch spooked investors out of riskier assets, leading to a mass selloff that caused the fortunes of ultra-rich billionaires to bleed heavily.

The Nasdaq Composite index tanked 2.1% yesterday, whereas S&P 500 fell 1.3% and Dow Jones fell nearly 1%.

World's 10 Richest Lose $27 Billion After Bloodbath In Tech Stocks

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Driving the bloodbath in the US stock market were the seven mega-cap tech stocks, with Apple falling 1.55%, Microsoft 2.63%, Alphabet 2.41%, Amazon 2.64%, Nvidia 4.81%, Meta 2.6% and Tesla 2.67% (on NASDAQ).

Thanks to the slide in these tech stocks, the world's 10 richest people lost $27.6 billion collectively, with of each of them witnessing a drop in their net worth yesterday, as per both the Forbes real-time billionaire list and Bloomberg billionaire index.

How Much Each Of The World¡¯s 10 Richest Lost

As per the Bloomberg billionaire index, here's how much each of the world's 10 richest lost in a single day yesterday. The world's richest person Elon Musk lost the most ($4.98 billion), while 92-year-old Warren Buffett lost the least ($416 million) yesterday.

1. Elon Musk

Networth-$233 billion

Lost $4.98 billion

2. Bernard Arnault

Networth- $192 billion

Lost $4.13 billion

3. Jeff Bezos

bloomberg

Networth- $153 billion

Lost $3.52 billion

4. Bill Gates

Networth- $135 billion

Lost $1.55 billion

5. Larry Ellison

Networth- $131 billion

Lost $2.28 billion

6. Warren Buffett

reuters

Networth- $118 billion

Lost $416 million

7. Larry Page

Networth- $117 billion

Lost $2.58 billion

8. Mark Zuckerberg

Networth- $114 billion

Lost $2.94 billion

9. Steve Ballmer

getty

Networth- $114 billion

Lost $2.82 billion

10. Sergey Brin

Networth- $111 billion

Lost $2.45 billion

Also Read: The Story Of Japan's Richest Billionaire Tadashi Yanai

Why The US¡¯ Credit Rating Has Been Downgraded

cbsnews

The stock market slump came after Fitch downgraded its rating for some of the US long-term debt offerings from AAA to AA+, one of the only such debt rating revisions in recent history, as per Forbes. The American credit rating agency cited expected fiscal deterioration over the next three years, a high and growing general government debt burden and steady deterioration in governance over the last 20 years as the reasons behind the credit rating downgrade.

However, various economists and analysts are of the opinion that Fitch¡¯s rating downgrade should not significantly impact the stock market.

The slip in Fitch's confidence in the US federal government¡¯s ability to pay back its debt comes amid a turbulent political and economic climate in the U.S.

¡°We strongly disagree with this decision. The ratings model used by Fitch declined under President Trump and then improved under President Biden, and it defies reality to downgrade the United States at a moment when President Biden has delivered the strongest recovery of any major economy in the world.,¡± the White House Press Secretary Karine Jean-Pierre said in a statement.

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