Falling stock value of Wall Street; The world’s rich suffered

The plunge in Wall Street stock values on Monday, August 7th, made the world’s ultra-wealthy a little less wealthy. According to the New York Post, Jeff Bezos, the founder of Amazon and the second richest person in the world, lost $23 billion of his net worth from Friday to Monday.

Stock prices of major global exchanges from Asia to Europe tumbled following the release of a report showing higher unemployment rates and slower than expected job growth in the United States. The report stoked fears of the U.S. entering a recession, triggering a negative reaction in the stock markets.

The decline in share prices of major tech companies like Amazon, Apple, Google and Microsoft dealt a heavy financial blow to the fortunes of famous billionaires. Besides Jeff Bezos, Elon Musk, Bill Gates and Bernard Arnault were among the high-profile billionaires who suffered huge losses in the market crash.

Economic analysts warn that if the downward trend in financial markets continues, there is a risk of a global recession which could have wide-ranging consequences for businesses and consumers. However, some experts believe this price correction in the stock market is natural and necessary to deflate financial bubbles.