According to the Bloomberg Billionaires Index, in the span of one week, 500 wealthiest lost $78 billion that they had amassed since the start of the year.
Mumbai| The investors faced extreme hardships last week, even the billionaires. The wealth of 500 richest fell by $444 Billion as the Coronavirus spread across the world adding new countries where infected individuals were found. The coronavirus has spread fear which affected the equity markets worldwide.
The reputed Dow Jones Industrial Average saw a haunting decline of more than 12%, the biggest weekly fall since the 2008 Financial crisis.
According to the Bloomberg Billionaires Index, in the span of one week, 500 wealthiest lost $78 billion that they had amassed since the start of the year.
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Three richest businessmen in the world- Amazon.com Inc.’s Jeff Bezos, Mircosoft corp.’s Co-founder Bill Gates and LVMH Chairman Bernard Arnault, incurred combined losses of their wealth drop by $30 Billion.
Tesla Inc.’s Elon Musk suffered the fourth-largest weekly loss of $9 Billion. The fall came after Tesla Inc saw a steep climb since the beginning of the year.
The doctors and health officials are trying their hard to contain the virus. But the recent spike in the numbers of infected people outside China has raised alarms.
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