Elon Musk, Jeff Bezos, and the 6 other richest Americans have suffered a nearly $400 billion wealth wipeout this year
Meanwhile, Amazon founder Jeff Bezos' wealth has fallen by $86 billion, while Alphabet cofounders Larry Page and Sergey Brin have seen their fortunes shrink by a combined $91 billion. Microsoft cofounder Bill Gates' net worth has also tumbled by $29 billion, while former CEO Steve Ballmer has taken a $21 billion hit.Larry Ellison has suffered a $17 billion blow to his fortune, while Warren Buffett's wealth has only dropped by $3 billion.
While Buffett's Berkshire Hathaway shares have inched upward in value this year, some of the investor's other stocks have retreated and he's alsoThe upshot is that the eight richest Americans have seen an estimated $386 billion erased from their combined fortunes. That figure rivals JPMorgan's market capitalization, and comfortably exceeds the market value of Tesla , Nvidia , and all but a handful of America's biggest companies.
Higher rates make borrowing more expensive, which typically cools demand and relieves upward pressure on prices. However, they also bolster returns from savings accounts and bonds, boosting their appeal relative to riskier assets such as stocks.
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