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The stock market just erased $99 billion from the 500 richest people in the world

World’s Richest Person Is Amazon CEO Jeff Bezos
By Kyle Nazario
Oct 11, 2018

Global markets dropped sharply Wednesday, leading to a $99 billion loss for the world's 500 wealthiest people.

A report from Bloomberg.com noted that Amazon founder Jeff Bezos lost the most at $9.1 billion. His net worth is now $145.2 billion, as Amazon's stock was hit hard during the Wednesday plunge.

» RELATED: Trump blames stock market drop on Federal Reserve

Second and third were French businessman Bernard Arnault and American investor Warren Buffett, whose fortunes dropped by $4.5 billion apiece.

According to Bloomberg, the losses were “equally distributed across sectors,” though American billionaires were hit hardest with $54.5 billion in losses.

» RELATED: These are the 5 biggest stock market crashes in US history

The swings continued Thursday, as the Dow rose and plunged throughout the day. As of 12:40 p.m., it was down 107 points.

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Kyle Nazario
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