Powell’s 8-Minute Speech Erases $78 Billion From Richest Americans
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In the span of just eight minutes, Federal Reserve Chair Jerome Powell sparked a market rout that slashed the fortunes of America’s richest people by $78 billion.
Elon Musk’s saw $5.5 billion erased from his wealth. Jeff Bezos lost $6.8 billion, the most of anyone on the Bloomberg Billionaires Index. The fortunes of Bill Gates and Warren Buffett declined by $2.2 billion and $2.7 billion, respectively, while Sergey Brin’s was knocked below $100 billion.