What Bezos, Zuckerberg, mega-rich lost as stocks spiraled
Stifel Chief Investment Officer Michael O'Keeffe on the state of the markets.
The world's 500 richest people lost a collective $117 billion, or 2.1 percent of their net worth, on Monday as stocks plunged across the world amid global fears of an escalation in the US-China trade war, according to a Bloomberg report.
Twenty-one members of the Bloomberg Billionaires Index lost $1 billion or more each as investors responded to increasing tensions between China and the U.S. The world’s richest man, Amazon.com Inc. founder Jeff Bezos, was hit hardest with a loss of $3.4 billion as the company’s shares plunged 3.2 percent. Forbes also noted that the net worth of the 10 richest moguls whose fortunes are connected to Hong Kong-listed companies have tumbled $19 billion since July 23.
The markets spun-out, becoming incredibly volatile when the Chinese Yuan devalued to 2008 levels against the dollar, a retaliatory measure in the trade war against the U.S.
Despite the market windfall, Forbes reported that 500 individuals on the index control nearly $5.4 trillion, an 11 percent increase from the start of this year and Bezos still holds his title with a cool $110 billion.
Take a look at the others who took hits during the market frenzy.
The biggest losers on the Bloomberg Billionaires list after the stocks plummeted in response to the China-U.S. trade war included Jeff Bezos, Mark Zuckerberg, and Bill Gates.
Amazon.com’s founder Jeff Bezos lost $3.4 billion, but still claims a net worth of $110 billion.
The infamous Facebook founder, philanthropist, and recent cryptocurrency innovator dropped $2.8 billion. The technology entrepreneur is worth $75.5 billion.
BERNARD ARNAULT
Bernard Arnault, French business magnate and well-known chairman and chief executive of LVMH Moët Hennessy – Louis Vuitton lost $3.2 billion. He is currently worth $104.2 billion, as of writing of this article.
MUKESH AMBANI
The Indian businessman, and chairman and the largest shareholder of Reliance Industries Limited lost $2.4 billion. His fortune is currently valued at $52.7 billion.
The world’s former richest man and Microsoft founder lost $2 billion in the market meltdown and his current net worth is $103.8 billion.