Tuesday, 10 March 2020

Forbes Report: World’s Top 10 Billionaires Lost $38B on Black Monday

By

Cointelegraph

forebs



Amid intensifying fears over the coronavirus, the United States stock market saw another historic day causing whopping losses for the world’s richest people.
On March 9, the U.S. stocks experienced another dismal day, with major stock indices like the S&P 500 and Dow Jones plunging more than 7%. This coincided with a major bloodbath in crypto markets, with Bitcoin (BTC) dropping nearly 10% over a day. According to some reports, Monday, March 9 became the worst day for U.S. stocks since 2008.


At $6 billion, Bernard Arnault suffered the biggest losses on the day

 

 

Referred to as Black Monday, the historic stock market day reportedly triggered multi-billion dollar losses for some of the richest people around the world, Forbes reported March 9. According to Forbes’ calculations based on its proprietary wealth-tracking platform, the top 10 biggest billionaires lost a combined $37.7 billion due to the crash of the stock market.
As such, Bernard Arnault, the world’s third-richest man, reportedly suffered the greatest losses among the top 10 list, losing as much as $6 billion on the day. Jeff Bezos, the world's richest man, with a net worth of $114 billion, saw his fortune plunged $5.6 billion by the Black Monday’s market close. Famous investor and known Bitcoin sceptic Warren Buffett lost $5.4 billion on the day, according to Forbes.

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