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Jeff Bezos Lost $20 Billion This Week

The market took its worst dive in two years as the Federal Reserve adjusted interest rates in response to rising inflation.

Jeff Bezos lost $20 billion this week as markets took their sharpest dive since the start of the pandemic. The drop came as the Federal Reserve adjusted interest rates in response to rising inflation. Bloomberg reports that tech billionaires bore the brunt as cryptocurrency prices, online gaming, and e-commerce took a hit. Mark Zuckerberg lost over $10 billion, Changpeng Zhao of Binance lost nearly $18 billion, and Elon Musk lost nearly 10 percent of his net worth. The financial tumble leaves Bezos vulnerable to losing his spot as the second-richest person in the world to French fashion magnate Bernard Arnault, who was one of few tycoons to escape the week financially unscathed.