US, WASHINGTON (ORDO NEWS) — Ten billionaires lost more than $ 83 billion this week due to the collapse of stock markets. Among the “main losers” – not a single billionaire from Asia.
Even the richest people in the world have suffered from panic in the markets caused by the spread of coronavirus across the continents. Last week of February became worse for stock markets after the financial crisis.
Ten Forbes billionaires lost about $ 83.4 billion in total . More than tens of billionaires are worth hundreds of millions of dollars.
According to the latest data, almost 87,000 cases of infection have been confirmed in the world , and the death toll is approaching 3,000. As the coronavirus spread rapidly outside mainland China, investor concern over its impact on the global economy has grown.
These fears last week sparked a massive stock sell-off around the world. The Shanghai Composite and Euro Stoxx 50 indices fell 5.2% and 12.4%, respectively. In the US, the Dow Jones index since last Friday lost about 3,500 points, or 12.4%.
This is the most serious weekly drop in the index after the 2008 financial crisis. On Thursday, the Dow Jones lost nearly 1,200 points, showing the biggest drop in a day in history.
The richest man in the world, Jeff Bezos , lost $ 14.1 billion last week – more than anyone else in the Forbes ranking. At the close of trading on Friday , Bezos’s capital was estimated at $ 113.6 billion. Due to the closure of factories in China, Amazon is already worried about how to ensure a sufficient amount of goods for an annual sale – the so-called Prime Day, which is scheduled for July. According to The New York Times, a retailer recently called on third-party sellers to post products on its website to prepare for “supply chain disruptions due to recent events in China.”
Status Warren Buffett declined by $ 9.8 billion – to $ 80.3 billion on Monday Oracle of Omaha he said. An interview with CNBC television that the panic of the coronavirus not affect its strategy. “We are buying a business to own it for 20 or 30 years,” Buffett said. “We believe that coronavirus will not affect investment over the next 20 or 30 years.”
The unthinkable Tesla rally in the last six months has led the electric car manufacturer to overtake Volkswagen in January at market value. But last week, and Elon Musk bumped into a speed bump – his condition fell by $ 8.9 billion, to $ 34.7 billion. The coronavirus is likely to disrupt the Tesla aggressive development plan in China. Due to the epidemic, the company was forced to close its new factory in Shanghai for two weeks.
Microsoft shares, which had previously shown steady growth, fell sharply this week. Microsoft’s capitalization, which reached a record high on January 30 , fell $ 53 billion after the company warned investors that it would not be able to fulfill its quarterly sales forecast due to problems with its suppliers in China. The state of Microsoft co-founder Bill Gates fell by $ 6.6 billion. He has enough left to stay in second place on the list of the richest people in the world.
In Europe, billions were lost by fashion magnates Amancio Ortega and Bernard Arnault . More than 33% of all clothing and textiles are produced in China, and the flare of coronavirus violated the supply chain for both luxury brands and the mass market. Not surprisingly, the capital Arno decreased by $ 7.4 billion – up 97.8 billion after the stock fell when his company LVMH. Spanish billionaire Amancio Ortega, owner of Zara, lost $ 6.1 billion: his fortune fell to $ 70.9 billion.
Before last week, Asian billionaires saw their conditions melt due to coronavirus. Therefore, the list of ten people who suffered the greatest losses last week, there is no one from China. The full list is below in the gallery.
1. Jeff Bezos
Source of wealth: Amazon
Loss: $ 14.1 billionFounder, Chairman, CEO and President of Amazon Jeff Bezos speaks during an event about Blue Origin’s space exploration plans in Washington, U.S., May 9, 2019. REUTERS/Clodagh Kilcoyne – RC14CDE0E4A0
2. Warren Buffett
Source of wealth: Berkshire Hathaway
Loss: $ 9.8 billionBerkshire Hathaway Chairman Warren Buffett seen at the annual Berkshire shareholder shopping day in Omaha, Nebraska, U.S., May 3, 2019. REUTERS/Scott Morgan – RC153D4F2FF0
3. Elon Musk
Source of wealth: Tesla
Loss: $ 8.5 billionFILE- In this March 14, 2019, file photo Tesla CEO Elon Musk speaks before unveiling the Model Y at Tesla’s design studio in Hawthorne, Calif. Tesla CEO Elon Musk says the electric car pioneer plans to build a new factory near Berlin. News agency dpa reported that Musk made the announcement during a prizegiving ceremony in the German capital Tuesday evening. (AP Photo/Jae C. Hong, File)
4. Mark Zuckerberg
Source of wealth: Facebook
Loss: $ 8.5 billion
5. Larry Allison
Source of state: Oracle
Loss: $ 7.7 billionOracle Corporation CEO Larry Ellison introduces the company’s latest SPARC servers in Redwood Shores, California, March 26, 2013. REUTERS/Stephen Lam (UNITED STATES – Tags: BUSINESS SCIENCE TECHNOLOGY) – TM4E93Q1CUF01
6. Bernard Arnault
Source of wealth: LVMH
Loss: $ 7.4 billion
7. Larry Page
Source of wealth: Alphabet
Loss: $ 7.3 billion
8. Sergey Brin
Source of wealth: Alphabet
Loss: $ 7 billion
9. Bill Gates
Source of wealth: Microsoft
Loss: $ 6.6 billionBill Gates, chairman of the Bill & Melinda Gates Foundation, gestures during a session at the annual meeting of the World Economic Forum in Davos, Switzerland, Tuesday, Jan. 22, 2019. (AP Photo/Markus Schreiber)
10. Amancio Ortega
Source of wealth: Inditex
Loss: $ 6.1 billionInditex founder Amancio Ortega attends the C.S.I Casas Novas international show jumping contest in the Spanish northwestern town of A Coruna July 30, 2017. REUTERS/Miguel Vidal – RC136EB6ADB0
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The article is written and prepared by our foreign editors from different countries around the world – material edited and published by Ordo News staff in our US newsroom press.