Elon Musk, Jeff Bezos See Their Net Worth Go Down By Billions, Here's Why

Elon Musk and Jeff Bezos saw their net worth dip by billions of dollars.

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Bill Gates and Warren Buffett saw their wealth decline by $2.2 billion and $2.7 billion.

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Dow Jones, S&P and Nasdaq also ended up losses of 3% or more on Friday.

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In his speech, Powell acknowledged that the Fed's continued tightening of credit will cause pain for many households and businesses.

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“These are the unfortunate costs of reducing inflation. But a failure to restore price stability would mean far greater pain," Powell said.

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