Fed Chairman Jerome Powell has put an eagle on the table, and the net worth of the world's top 500 richest people has evaporated by about $59 billion.

(Reuters)

[Financial Channel/Comprehensive Report] U.S. stocks are nearing a six-week high before the Federal Reserve (Fed) ends its policy meeting on Wednesday, pushing the stock market to rebound after this year's downturn, but Fed Chairman Jerome Powell (Jerome Powell) will After issuing a statement, until the stock market closed, in just 90 minutes, the net worth of the world's top 500 richest people had evaporated by about 59 billion US dollars (about NT$1.8 trillion).

Powell maintained a hawkish stance on inflation at a news conference after the interest-rate decision, dashing investors' hopes for a decisive turn in monetary tightening and pushing stocks to their lowest in more than a week, Bloomberg reported.

The top 500 richest people tracked by the Bloomberg Billionaires Index lost about $59 billion within an hour and a half from when Powell started speaking to the close of U.S. stocks.

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Elon Musk, the world's richest man, lost $9 billion (about NT$286.4 billion), Amazon founder Jeff Bezos lost $4.8 billion (about NT$152.7 billion), and Microsoft founder Bill Tech giants such as Bill Gates, Oracle founder Larry Ellison, Google co-founder Larry Page and Sergey Brin all lost more than $2 billion (approximately NT$63.6 billion) .

The Fed statement indicated that the rate hike was in its final stages.

But Powell insisted that central bankers still had some way to go before policy was tightened enough and it was too early to consider a pause.

The S&P 500 closed down 2.5 percent on Wednesday, its biggest one-day drop since Oct. 7, and was still up about 1 percent ahead of the Fed's decision statement.

The tech-heavy Nasdaq 100 fell 3.4 percent.

So far in 2022, according to the Bloomberg Billionaires Index tracking, the assets of the world's top 500 richest people have evaporated by US$1.6 trillion (about NT$50.9 trillion), or 20%; so far this year, the S&P 500 index has fallen 21% .

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