5 billionaires who lost money after Fed chief Powell's speech

Several billionaires saw a sharp dip in their fortunes after Federal Reserve chairman Jerome Powell gave a short speech on Friday.

According to Bloomberg, Powell's eight-minute address caused a $78 billion drop in the fortunes of the world's wealthiest after an ensuing market rout.

Amazon owner Jeff Bezos was worst affected out of those on the Bloomberg Billionaires Index, losing $6.8 billion.

Tesla chief Elon Musk's wealth saw a $5.5 billion dip, with Microsoft co-founder Bill Gates losing $2.2 billion. Investor Warren Buffett lost $2.7 billion and Google co-founder Sergey Brin's fortune was knocked below $100 billion.

The US economy will need tight monetary policy "for some time" before inflation is under control, Powell said. That means slower growth, a weaker job market and "some pain" for households and businesses, he added.