Warren Buffett, Jeff Bezos, others lose $114 billion post market rout
New York/Princeton: A plunge in US stocks Monday cut the fortunes of the world’s 500 richest people by $114 billion as the optimism over tax cuts that fuelled January’s gains gave way to worries about inflation.
Berkshire Hathaway Inc. chairman Warren Buffett, the world’s third-richest person, was hardest hit, losing $5.1 billion, according to the Bloomberg Billionaires Index.
Berkshire is the biggest shareholder of Wells Fargo & Co., which plunged 9.2%, the most in the S&P 500. Buffett, 87, was one of 18 billionaires in the Bloomberg ranking to lose more than $1 billion on the day. Facebook Inc. Chief executive officer Mark Zuckerberg’s fortune tumbled by $3.6 billion, the second-biggest decline.
Even Amazon.com Inc. chief executive officer Jeff Bezos, the world’s richest person, wasn’t immune to the carnage. His fortune slipped $3.3 billion to $116.4 billion as shares of the retail behemoth fell 2.8%. Alphabet Inc.’s Larry Page and Sergey Brin each took hits of about $2.3 billion.
The rout followed more modest declines on Friday that erased $68.5 billion in wealth from the world’s 500 richest people. Bloomberg.
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