2018-03-05 07:30:19 BdST
Zuckerberg loses US$3 billion as markets bruise world’s richest
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.
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 Bloomberg.
Unauthorized use or reproduction of The Finance Today content for commercial purposes is strictly prohibited.