The World's Wealthiest People Lost $93 Billion Yesterday After Another Immense Drop In The Market

By on February 9, 2018 in ArticlesBillionaire News

To say that the market has been volatile this week may be an understatement. Earlier this week, the Dow Jones Industrial Average experienced its biggest its biggest point drop in history, dropping 1,175 points this past Monday. As a result, many of the world's wealthiest individuals lost a significant chunk of their fortunes. Unfortunately for them, the carnage didn't stop on Monday, as the Dow dropped more than 1,000 points again yesterday; wiping out nearly $100 billion from the net worth of the world's wealthiest.

Fears of rising interest rates and inflation caused the Dow Jones Industrial Average and S&P 500 to drop to their lowest levels since November. As a result, many of the world's wealthiest individuals experienced drops in their net worth.

Jemal Countess/Getty Images

Jeff Bezos, currently the richest man on Earth, was the biggest loser after Thursday's tumble. He saw his net worth drop by $5.3 billion, bringing his total fortune down to $113.2 billion after Amazon.com Inc. dropped 4.7 percent on the day.

Warren Buffett, who lost $5.3 billion after Monday's drop, lost $3.5 billion yesterday, while Facebook founder Mark Zuckerberg lost $3.4 billion, after losing $3.6 billion on Monday.

Google founders Larry Page and Sergey Brin each lost $2.1 billion and $2 billion respectively, while Elon Musk lost $1.1 billion after shares of Tesla dropped 8.6 percent.

The world's 500 richest people lost a combined $93 billion, while 20 of them lost at least $1 billion.

Articles Written by Marvin Jules
Marvin Jules is a freelance writer with a passion for music and sports. He is a graduate of Rutgers University with degrees is Communication and Human Resource Management. In addition to writing, he also runs an online store where he curates and sells vintage clothing and accessories. Marvin's favorite billionaire is Warren Buffett.
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