Jerome Powell, the chair of the Federal Reserve, sparked a market rout that erased $78 billion from Richest Americans fortunes.
The biggest loss on the Bloomberg Billionaires Index was incurred by Jeff Bezos, who lost $6.8 billion.
Elon Musk's wealth was reduced by $5.5 billion.
Bill Gates' net worth fell by $2.2 billion.
A $2.7 billion loss occurred in Warren Buffett's wealth.
While Sergey Brin's value dropped below $100 billion.
Powell used his speech at the Kansas City Fed’s annual policy forum in Jackson Hole, Wyoming,
Powell reiterates that in order to fight inflation, the US central bank would keep hiking interest rates and probably hold them there for some time.
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