The wealth of the world’s rich fell slightly following Monday’s Wall Street crash.
Amazon founder Jeff Bezos, the second-richest person on Forbes’ list behind Elon Musk, suffered the biggest loss since the crash began on Friday, with his net worth falling by $23 billion.
On Monday, the combined fortunes of the 10 people on Forbes magazine’s rich list fell by $36 billion.
Bezos’ fortune fell by $17 billion on Friday, down $6.4 billion, but his net worth is still valued at $180.7 billion, according to Forbes magazine.
Bezos has been selling off his Amazon shares this year, selling $8.5 billion worth of Amazon stock in February and revealing plans in July to sell nearly another $5 billion.
Coming in at number four on the list, Meta CEO Mark Zuckerberg lost $4.3 billion on Monday.
That was slightly better than the $4.9 billion drop in bottom line reported by Tesla and SpaceX founder Musk.
According to Forbes, Google co-founders Sergey Brin and Larry Page had each lost around $6 billion as of Monday.
Oracle co-founder Larry Ellison’s fortune rose by $3 billion overnight, but then crashed on Monday, losing another $3 billion on top of his newfound profits, according to Forbes magazine.
The market turmoil follows a weak U.S. jobs report on Friday that showed a big slowdown in hiring last month.
The July report showed the economy added 114,000 new jobs last month, well below analysts’ forecasts of 175,000 new jobs.
The unemployment rate rose to 4.3%, worse than the 4.1% that analysts had expected.
The disappointing report, combined with the Fed’s reluctance to cut interest rates and doubts about the tech sector, sent stock markets reeling.
Goldman Sachs analysts are adding to the enthusiasm. Chances of recession rise to 25% The original forecast was 15%.
Markets around the world were hit, raising global fears of a U.S. economic slowdown. Japan Worst sell-off since the 1987 Black Monday crash The Nikkei average fell more than 12.5%.
