Elon Musk, the world’s 25th-richest person today rang up the fourth largest weekly loss
More than $6 trillion from global stocks vapourized as a result of Corona Virus
Last week was an expensive one for most investors and billionaires.The combined fortunes of the world’s 500 richest people fell by $444 billion as the corona virus continued to spread and fear rattling equity markets worldwide.
According to the Bloomberg index the world’s three richest people Amazon.com Inc.’s Jeff Bezos, Microsoft Corp. co-founder Bill Gates and LVMH Chairman Bernard Arnault incurred the biggest losses with their combined wealth dropping about $30 billion.
According to financial reports the Corona virus erased the $78 billion in gains that the 500 wealthiest people had amassed since the year started.About 80% of billionaires on Bloomberg’s wealth ranking are now in the red this year including those whose businesses have been swept up in the global pandemic.
The Corona virus has caused an economic stand still in markets such as china causing the economy to tumble more than 12%, the biggest five-day slide since the depths of the 2008 financial crisis.