World Economy

World’s Richest Lose $128b Since Monday

World’s Richest Lose $128b Since MondayWorld’s Richest Lose $128b Since Monday

Warren Buffett’s wealth dropped $3.74 billion since Monday as US stocks tumbled for a third straight day, Bloomberg reported. Losses for the Berkshire Hathaway Inc. chairman topped those of Facebook Inc.’s Mark Zuckerberg, who is down $3.71 billion. The fortunes of Alphabet Inc.’s Larry Page and Sergey Brin each dwindled about $3 billion, while Spain’s Amancio Ortega took a $2.5 billion hit on the Bloomberg Billionaires Index.  The world’s 500 richest people have lost a combined $128 billion since Monday, more than the entire market capitalization of Netflix Inc. or McDonald’s Corp. The wealth of US billionaires fell the most, declining a combined $55 billion. Chinese tycoons saw $14 billion erased. The S&P 500 Index fell 1.3% Thursday, bringing the three-day slide to 3.7%. The Dow Jones Industrial Average dropped 420 points on the day after President Donald Trump promised to impose tariffs on foreign metals. Investors also digested Senate testimony by Federal Reserve Chairman Jerome Powell that has fueled speculation the central bank plans to quicken the pace of monetary tightening.


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