Jeff Bezos Slips To No. 4, Overtaken By Gautam Adani In Forbes' Rich List

Amazon founder Jeff Bezos's wealth dropped in the latest round of broad selloff in the US stock market, and as a result, he has now fallen to the fourth richest on the Real-Time Billionaires List compiled by Forbes.

The wealth of other American billionaires dropped from the recent market crash, driven by expectations for an even more aggressive Federal Reserve after the red-hot inflation reading. 

Still, despite that broad-based wealth erosion, Elon Musk remained the richest person with a net worth of 273.5 billion, according to Forbes.

That helped India's billionaire, Gautam Adani, to become the third richest person in the world.

Mr Adani, with a net valuation of  $154.7 billion currently, briefly surpassed Louis Vitton's Bernard Arnault and Amazon boss Jeff Bezos.

But a crash in India stocks, pushed Mr Adani to the third on the world's richest list, one place behind Bernard Arnault.

A decline of $2.3 billion put Mr Bezos in fourth place with a wealth of $149.7.In the ninth-worst daily loss ever, the fortunes of America's richest billionaires tumbled on Tuesday by $93 billion, according to the Bloomberg Billionaires Index, with Jeff Bezos's wealth taking the biggest hit of nearly $10 billion.

That is the latest in a series of ugly sell-offs this year for the markets and US billionaires' fortunes.

Last month, the US billionaires lost $78 billion in a day after an eight-minute speech from Federal Reserve Chair Jerome Powell.