World's Richest People Lose $134 Billion in One Day: What Caused It?

The combined wealth of the 500 richest people in the world decreased by a total of $134 billion in just one day. The decline is attributed to a drop in the stock market, according to a report by Bloomberg.

Shares of Amazon.com Inc. fell by 8.8%, reducing the fortune of its founder Jeff Bezos to $191.5 billion. Bloomberg reports that this 'one-day drop' marks the third occurrence in the company's history. On April 4, 2019, Bezos’ wealth was cut by $36 billion following his divorce, and on April 29, 2022, Amazon's stock once again experienced a 14% decline. This came after the company announced plans to continue investing heavily in AI.

The Nasdaq-100 index experienced a 2.4% drop, affecting the fortunes of other billionaires, including Elon Musk and Larry Ellison, whose assets decreased by $6.6 billion and $4.4 billion, respectively. Tech billionaires Mark Zuckerberg, Sergey Brin, and Larry Page also lost more than $3 billion each.