Jeff Bezos, other billionaires lose $30B in Monday market drop
Ten of the wealthiest people in the world lost a combined $30 billion
The world's wealthiest individuals saw their wealth plummet Monday as stocks around the world fell on worries that a new type of virus in China may ultimately hit profits for companies from Wuhan to Washington.
On Monday, 10 of the wealthiest people in the world lost $30 billion collectively, with the Amazon founder and Washington Post owner taking a nearly $5 billion loss, according to Forbes, which tracks the daily ups and downs of the world's richest people.
In one day's worth of trading, Jeff Bezos, currently deemed the richest person in the world, saw his net worth dwindle $4.8 billion as shares of the tech giant dipped roughly four percent. His net worth sits at just under $123 billion, according to estimates.
Likewise, CEO of French luxury conglomerate LVMH, Bernard Arnault, saw his fortune fall the same amount, pushing his net worth to around $100 billion.
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Amancio Ortega, founder and former chairman of Inditex fashion group, known for fashion chain Zara, also saw his fortune take quite the hit losing roughly $3.9 billion. His net worth now hovers around $73 billion.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AMZN | AMAZON.COM INC. | 197.12 | -1.26 | -0.64% |
| LVMUY | LVMH MOËT HENNESSY LOUIS VUITTON SE | 121.3 | +0.78 | +0.65% |
| IDEXY | INDUSTRIA DE DISEÑO TEXTIL SA | 27.56 | +0.40 | +1.47% |
| FB | NO DATA AVAILABLE | - | - | - |
| MSFT | MICROSOFT CORP. | 417.00 | +4.13 | +1.00% |
Another major player in the tech industry, Mark Zuckerberg, felt the impact. When Facebook's stock fell roughly 4.42 percent during Monday's trading, his net worth took a $3.4 hit. His estimated worth currently hovers around $74 billion.
Respectively, Bill Gates, once the richest man in the world before being dethroned by Bezos, saw a $1.5 billion decrease in his fortune pushing his net worth to around $111 billion.
Companies that get lots of business directly from China, particularly in the travel industry are getting hit the hardest. However, as the world watches the rapidly spreading virus with a wary eye, fears remain that the impact could be felt beyond China.
Traders Michael Urkonis, left, and Peter Tuchman, center, work on the floor of the New York Stock Exchange, Monday. (AP Photo/Richard Drew)
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In general, stock markets tend to bottom with the peak in new cases during an outbreak, before rebounding within months, according to J.P. Morgan strategists.
The World Health Organization has held off on calling the outbreak a global health emergency but says it may become one.
The virus, dubbed COVID-19, originated in the city of Wuhan in central China and has spread rapidly, infecting more than 80,000 people globally.
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On Monday, China disclosed an additional 71 deaths related to coronavirus on its mainland, bringing the death toll to more than 2,600 people in the country alone.
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The Associated Press contributed to this report.