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

Address caused $78 billion drop in fortunes of world's wealthiest

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By Web Desk

Published: Sat 27 Aug 2022, 5:35 PM

Last updated: Sat 27 Aug 2022, 10:41 PM

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.

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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.

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Wall Street tumbled on Friday after Federal Reserve Chief Jerome Powell signaled the central bank would keep raising interest rates to tame inflation, dashing investors' hopes that the Fed's aggressive approach to hikes might be modified soon.

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.

Web Desk

Published: Sat 27 Aug 2022, 5:35 PM

Last updated: Sat 27 Aug 2022, 10:41 PM

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