World’s billionaires just lost more than $100 billion

Wealth


Getty Images

Billionaires Bill Gates and Warren Buffett speak with journalist Charlie Rose at an event organized by Columbia Business School on Jan. 27, 2017, in New York.

What the market giveth, the market also taketh away.

Billionaires, who added billions to their fortunes in recent months, saw a reversal of fortune Monday as the stock market swoon chopped billions off their net worths. We shouldn’t shed a tear for the billionaires, of course — the losses to pension funds and everyday investors are far more important.

But according to the Bloomberg Billionaires Index, the world’s 500 richest people lost a combined $114 billion on Monday alone. Add in Friday’s losses and potential fallout this week, and that number could grow even larger.

According to Bloomberg, Warren Buffett was the biggest loser Monday, with his fortune dropping $5.11 billion. Jeff Bezos lost $3.26 billion, meaning he’s down to his last $116 billion. Bezos is still up $17.3 billion for the year to date. Bill Gates is down $2.25 billion Monday and Larry Page and Sergey Brin are both down around $2.3 billion.



Source link

Products You May Like

Articles You May Like

Jeff Immelt’s refusal to give or take bad news defined his leadership at GE
‘Angry Birds’ maker Rovio pummeled after profit warning
‘Huge changes’ at Qantas are set to boost its international earnings, says its CEO
US shale investors still waiting on payoff from oil boom
Priceline changes name to Booking: CEO weighs in

Leave a Reply

Your email address will not be published. Required fields are marked *