It’s been an expensive week for the world’s richest people.
Mark Zuckerberg is nursing the biggest fall after losing US$3.2 billion as large cap stocks disappointed for a fourth straight day.
Losses for the Facebook CEO topped those of Spain’s Amancio Ortega and Mexico’s Carlos Slim, who were both down US$2.4 billion as of 1pm in New York.
The fortunes of Alphabet Inc.’s Larry Page and Sergey Brin each dwindled more than US$2 billion on the Bloomberg Billionaires Index since markets opened on Monday.
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The world’s 500 richest people have lost a combined US$107 billion this week, more than the entire market capitalisation of Goldman Sachs Inc. or Lockheed Martin Corp. The wealth of US billionaires fell the most, declining a combined US$34 billion. Chinese tycoons saw US$16 billion erased.
The Dow Jones Industrial Average has slid about 3.5 per cent this week as US President Donald Trump invited a trade war and Federal Reserve Chairman Jerome Powell fuelled speculation the central bank plans to quicken the pace of monetary tightening.
Frontpage November 3, 2020