The Rich Folks Of The World Are Seeing Their Net Worth Drop And The Stock Market Turmoil Is To Blame
The stock market is now under mayhem. Solely on March 9 of this year, the Dow Jones dropped 2,013, and oil dipped by 24% — which is the most considerable one day decline in history. On top of all these, the S&P 500 has also fallen by 7.6% and the Nasdaq by 7.3%.
Overall, March 6 to March 9 saw the most significant loss of wealth since December 2008 came around 0.07% of turning into the worst day on the stock market since the 1987 crash. Even the value of oil bottomed out last March 9, but it was because of the brewing tensions between Saudi Arabia and Russia.
From billionaires to everyday citizens with a 401K bound to public stock, everyone is witnessing their riches decimated by the levity of the stock market run, in substantial part, by worries over the coronavirus pandemic. During the final week of February, $80B was lost by the top 10 billionaires, while $22B was lost by the top five wealthiest people in the world.
The richest man in the world, Jeff Bezos, continues to be the world’s wealthiest. However, he lost $7B from March 6 to March 9. Over the entirety of February, he was down $18B. Amazon’s share values have plummeted due to panic over the Covid-19 outbreak slowing down the global economy. In fact, Amazon shares dropped 7% within the close of trading on March 6 and opening of the markets on March 9.
The founder of Tesla, Elon Musk, lost $4B overnight after he tweeted that the panic over Covid-19 is dumb. Just in February, his damages have already totaled over $12B. Despite all this, Musk is the only person in the top 30 richest that experienced positive growth in terms of his 2020 net worth. Tesla shares have increased 53% year to date and above 126% over the last 12 months.
On the other hand, Warren Buffett has witnessed his total assets drop $4B since March 6 and $12B over February. With his $82B total assets, he became the planet’s fourth most extravagant person, right behind Bernard Arnault of LVMH.
So far, the biggest loser in this Covid-19 driven stock market crash is Bernard Arnault. Shares of his luxury goods cartel have fallen 24% since January. Arnault’s wealth has also dropped by $30B in February.
Researchers believe that the stock market will continue to deteriorate before it displays any signs of improvement. So for your own mental soundness, quit watching the estimation of your stocks as well as 401K!
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