It’s a price slaughter on the world stock exchanges: The “Dow Jones” index in New York fell almost a thousand points on Monday, the broader S&P 500 has arrived in official “bear market” territory with a loss of more than 20 percent this year.
The worst are the losses among the richest in the world – even if the sympathy of the population is likely to be limited.
► With the recent tremors in the stock and crypto markets, the top global money royalty lost a remarkable $1.4 trillion. Losses averaged 13 percent in North America and an average of 8 percent in the rest of the world, according to a report by Capgemini World Wealth.
On Monday alone, the wealth of the rich shrank by 197.8 billion euros.
The descent can be illustrated by the example of the richest men on earth:
► Elon Musk (50) lost 11.4 billion euros in just one day. Even if the Tesla and SpaceX boss does not have to starve with remaining total assets of more than 190 billion euros, the losses are considerable: According to the “Bloomberg Billionaires Index”, his fabulous wealth shrank by 70.2 billion euros this year .
Musk’s net worth is based primarily on the stock value of electric car company Tesla. Here the price of securities fell by 45.9 percent this year. Many investors are also worried that Musk could get bogged down in the planned takeover of short message service Twitter, or perhaps take it over.
► jeff bezos (58), the founder of the shopping giant Amazon and the second richest man on earth, also looks at a greatly reduced portfolio: This year Bezos, who has long since left Amazon’s day-to-day business, has already lost 62.6 billion euros – ironically now more than the divorce from ex-wife MacKenzie Scott (52) cost him in 2019.
At the beginning of the week he had to say goodbye to the stock collapse on Wall Street of 5.9 billion euros. His wealth is now at 121.9 billion euros.
► Bernard Arnold (73), the CEO of LVMH Moet Hennessy Louis Vuitton, the world’s largest luxury goods manufacturer, had to accept severe losses in this stock market slump year: Since the beginning of the year, the Frenchman’s property has shrunk by 54.5 billion euros. In the rich ranking, he is now in third place with assets of 116.1 billion euros.
► It also caught cold Bill Gates (66), the founder of Microsoft, today the largest software company in the world, who recently caused a stir as a self-proclaimed prophet of a pandemic. 2022 has made him poorer by 23 billion euros so far. On Monday he lost 3.1 billion euros.
Bitcoin businessman lost 81.9 billion euros
The money misery among the rich in the USA and Europe sounds almost harmless compared to losses in the crypto industry: because this year’s most blatant minus had to be Changpeng Zhao (44) plug in: The Chinese-Canadian businessman is the founder of “Binance”, the world’s largest crypto exchange.
With the downturn of Bitcoin & Co., he lost 81.9 billion euros of his private wealth this year – he now only has ten billion left. It is probably the most spectacular crash of a mega-billionaire of all time.
► Speaking of sensational losses: Facebook founder Mark Zuckerberg (37) caused a media frenzy in February when he lost an incredible 28.6 billion euros in a single day. The share price of his social media empire Meta had collapsed by 26 percent at the time. Things didn’t get much better after that either: Zuckerberg’s 2022 losses have already added up to 61.8 billion euros, and his previous wealth has been halved.
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