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The wealthiest guy in the world loses $11 billion as the US economy weakens

Jeff Bezos, the world’s richest man, lost $11 billion in one day due to softening of the US economy. The Amazon CEO saw his fortune plummet to $114 billion from $125 billion on Tuesday.

Bezos’ net worth dropped following a sell-off on the US stock market. The Dow Jones Industrial Average fell more than 800 points, or 3 percent, with tech and retail stocks taking some of the bigger hits.

The billionaire entrepreneur’s fortunes are tied directly to Amazon’s stock price. Amazon shares have been negatively impacted by a rise in US consumer prices, a trend that has been linked to rising costs due to the trade war with China and broader economic weakening.

Bezos is still the world’s richest person with an estimated net worth of $114 billion. He is followed by Microsoft co-founder Bill Gates at $107 billion and investor Warren Buffett at $90 billion. Forbes estimates Bezos’s wealth has nearly tripled since 2017.