World’s Richest Lose $444 Billion After Hellish Week for Markets

World’s Richest Lose $444 Billion After Hellish Week for Markets
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Last week was an expensive one for most investors, even for billionaires.

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.

Bye-Bye Billions

Among the world’s wealthiest people, these 10 incurred the biggest losses in this week’s global stock market rout.

Billionaire – Source of Wealth – Net Decline ($B)
Jeff Bezos – Amazon – 11.9
Bill Gates – Microsoft, Cascade Investment – 10
Bernard Arnault – Christian Dior, LVMH – 9.1
Elon Musk – Tesla, SpaceX – 9
Warren Buffett – Berkshire Hathaway – 8.8
Amancio Ortega – Inditex – 6.8
Mark Zuckerberg – Facebook – 6.6
Larry Page – Alphabet – 6.4
Carlos Slim – America Movil – 6.3
Sergey Brin – Alphabet – 6.2

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