Zuckerberg Loses $3 Billion as Market Swoon Hits Richest
Warren Buffett’s wealth dropped $3.74 billion since Monday as U.S. stocks tumbled for a third straight day.
(Bloomberg) -- It’s been an expensive week for the world’s richest people.
Mark Zuckerberg is nursing the biggest fall after losing $3.2 billion as large cap stocks disappointed for a fourth straight day.
Losses for the Facebook Inc. chief executive officer topped those of Spain’s Amancio Ortega and Mexico’s Carlos Slim, who were both down $2.4 billion as of 1 p.m. in New York. The fortunes of Alphabet Inc.’s Larry Page and Sergey Brin each dwindled more than $2 billion on the Bloomberg Billionaires Index since markets opened on Monday.
The world’s 500 richest people have lost a combined $107 billion this week, more than the entire market capitalization of Goldman Sachs Group Inc. or Lockheed Martin Corp. The wealth of U.S. billionaires fell the most, declining a combined $34 billion. Chinese tycoons saw $16 billion erased.
The Dow Jones Industrial Average has slid about 3.5 percent this week as President Donald Trump invited a trade war and Federal Reserve Chairman Jerome Powell fueled speculation the central bank plans to quicken the pace of monetary tightening.
To contact the reporters on this story: Tom Metcalf in New York at tmetcalf7@bloomberg.net, Jack Witzig in Princeton at jwitzig@bloomberg.net.
To contact the editors responsible for this story: Pierre Paulden at ppaulden@bloomberg.net, Peter Eichenbaum
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