World’s Richest Lose $100 Billion in Week of Stock Drops
U.S. stocks suffered their worst losses in years last week. Among the biggest losers were the world’s top billionaires.
The losses followed a long period of gains in U.S. stocks when the Dow Jones Industrial Average reached a historic high of 26,616 on January 26.
Many financial experts have said the big stock drops were not that unusual after the recent gains. They have called the major drops a “correction” in the stock market. A correction is defined as at least a 10 percent drop in stocks since the previous peak.
The world’s billionaires lost a combined $114 billion on Monday alone.
The biggest loser on Monday was businessman and investor Warren Buffett, whose worth on paper dropped by $5.1 billion. His current total net worth is listed at $82.6 billion.
Facebook CEO Mark Zuckerberg lost the next largest amount, $3.6 billion. He is number four on the richest people list, with a current net worth of $70.8 billion.
Amazon CEO Jeff Bezos – listed as the richest person in the world – lost $3.2 billion. His overall net worth is now estimated to be $113 billion.
Microsoft founder Bill Gates – who holds the number two position on the wealthiest list behind Bezos – lost $2.2 billion.
