The fluctuations in the stock prices of technology companies in the United States directly impacted the world's wealthiest individuals.
Citing Forbes data, five billionaires lost a combined US$32.4 billion, or approximately Rp477 trillion (assuming an exchange rate of Rp14,724 per US$), on Wednesday, May 18, 2022.
Elon Musk experienced the largest loss, with the Tesla and SpaceX CEO losing US$12.4 billion, or approximately Rp182 trillion, in a single day.
Despite this, Elon remains the world's richest person with a total net worth of US$218.1 billion. He is also currently in the process of acquiring Twitter.
Jeff Bezos followed, losing US$8.2 billion in a day, dropping him to the third richest person in the world.
Larry Ellison ranked third in losses, with a decrease of US$4.7 billion. Ellison is the founder of Oracle and also holds Tesla stock, whose value has been declining since the beginning of the year.
Facebook founder Mark Zuckerberg lost US$3.6 billion, and Google founder Larry Page lost US$3.5 billion.