The world's richest person just lost $8 billion
It was a sad week for the world's richest people.
One of the people for who this has been a devastating week was the richest person in the world, Jeff Bezos. The mega-billionaire lost $8 billion from his personal fortune this week.
The reason for this dramatic loss is simple - the stock market crashed after Saudi Arabia cut oil prices and the continued fear around the coronavirus has profoundly affected the global economy.
According to Forbes, the Dow Jones suffered its worst decline since 1987 and this caused Bezos to lose more than 7% of his net worth as Amazon shares fell by nearly 8%.MORE LOSERS
Moët Hennessy – Louis Vuitton SE (LVMH) chairman and CEO, Bernard Arnault lost $7.7 billion this week. It should be noted that shares in LVMH nose-dived by 9% this week. The decline in luxury goods has steadily increased as the outbreak of the coronavirus continues.
Mark Zuckerberg, the CEO of Facebook lost 9% of his net worth, this translates to $5.7 billion dollars.
Oil magnate Mukesh Ambani was another big loser. He lost $5.8 billion from his net worth after Monday's oil and stocks collapse.
Shares of Ambani's Reliance Industries fell 12% on Monday and over the last year, the shares have dropped by 26%.
Ambani's net worth is now estimated to be $42.3 billion.
TITLES COME AND GO
The title of Asia's richest person was also lost by Ambani.
The richest person in Asia is once again Jack Ma. The Alibaba founder's net worth is now estimated to be $45.7 billion, according to Bloomberg.
It should be noted that it is true the coronavirus has hurt some of Alibaba’s businesses, but the company was able to mitigate major damage. This was due to a major increase in demand for Alibaba's cloud computing services and mobile apps.