Last week was an expensive one for most investors, even for billionaires. This is reported by Bloomberg.
The combined fortunes of the world’s 500 richest people fell by $444 billion as the coronavirus continued to spread, and spread fear rattling equity markets worldwide. The Dow Jones Industrial Average tumbled more than 12%, the biggest five-day slide since the depths of the 2008 financial crisis, in a rout that vaporized more than $6 trillion from global stocks.
The drubbing more than erased the $78 billion in gains that the 500 wealthiest people had amassed since the start of the year through last week, according to the Bloomberg Billionaires Index.
The world’s three richest people - Amazon.com Inc.’s Jeff Bezos, Microsoft Corp. co-founder Bill Gates and LVMH Chairman Bernard Arnault - incurred the biggest losses, with their combined wealth dropping about $30 billion.
Elon Musk, the world’s 25th-richest person, rang up the fourth-largest weekly loss - $9 billion - as shares of his Tesla Inc. slid after a steep climb to start the year. He’s still up $8.8 billion in 2020 and has a net worth of $36.3 billion.
Jeff Bezos (-11.9 billion dollars)
Bill Gates (-10 billion dollars)
Bernard Arnault (-9.1 billion dollars)
Elon Musk (-9 billion dollars)
Warren Buffett (-8.8 billion dollars)
Amancio Ortega (-6.8 billion dollars)
Mark Zuckerberg (-6.6 billion dollars)
Larry Page (-6.4 billion dollars)
Carlos Slim (-6.3 billion dollars)
Sergey Brin (-6.2 billion dollars)