The world’s 500 richest people have lost a combined $128 billion since Monday.
Warren Buffett’s wealth dropped $3.74 billion since Monday as US stocks tumbled for the third straight day.
Losses for the Berkshire Hathaway chairman topped those of Facebook’s Mark Zuckerberg, who is down $3.71 billion. The fortunes of Alphabet’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 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 per cent Thursday, bringing the three-day slide to 3.7 per cent. 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.
