In a reversal showing the extent of inflation in the U.S. economy, U.S. inflation data led to a significant decline in the wealth of America's wealthiest billionaires by $93 billion.

According to Bloomberg, Jeff Bezos' wealth fell by $9.8 billion, the largest to record losses among those tracked by the Bloomberg Billionaires Index, while Elon Musk's net worth fell by $8.4 billion.

Mark Zuckerberg, Larry Page, Sergey Breen and Steve Palmer lost more than $4 billion, while Warren Buffett and Bill Gates lost $3.4 billion and $2.8 billion, respectively.

The agency says the large daily losses of billionaires reflect the broad sell-off in the U.S. stock market, where investors are betting that higher-than-expected consumer price index data will lead the Federal Reserve to raise interest rates more aggressively.

The S&P 500 fell 4.4%, the biggest decline since June 2020.

The Nasdaq 100, weighted by tech stocks, fell 5.5%, its biggest decline since falling more than 12% in March 2020.

Bloomberg noted that the decline was the latest in a series of difficult days this year for markets and billionaires' wealth.

According to her, the same group of American billionaires last month lost $78 billion in a single day after an 8-minute speech from Fed Chairman Jerome Powell.

Overall, the wealth of the world's 500 richest people was $1.2 trillion lower than at the beginning of the year, with Zuckerberg, the CEO of Meta Platforms, losing out. (Prohibited in Russia as extremist) $68.3 billion, or about 54% of his wealth, while Changping Zhao, CEO of Binance, declined by $61 billion, or about 64% of his wealth.