- Tram Ho
The momentum of billionaire wealth growth abruptly ended yesterday (September 3).
Total assets of the 10 richest billionaires in the industry plunged $ 44 billion after US stocks had the strongest plunge in nearly 3 months due to concerns about overvaluation of investors.
The person who lost the most money was Amazon founder Jeff Bezos, with a $ 9 billion drop as shares of the e-commerce giant fell the most since June. Elon Musk’s net worth also fell 8 , $ 5 billion in shares of Tesla has hit nearly 20% decline after three consecutive days of decline.
The reversal underscores the “early on and on” nature of “paper assets”, especially in a market that consistently set records while the real economy was in a dire state.
Despite the pandemic causing economies around the world to fall into a bad recession in recent decades, making the unemployed, the wealth of the world’s richest billionaires continuously increased in the past month. by. Both Musk and Mark Zuckerberg have become “centibillionaire” with assets worth more than 100 billion dollars. There are even days when Tesla and Facebook shares skyrocketed, helping each person earn more than $ 4 billion. The fortune of Bezos, the richest billionaire in the world, exceeded $ 200 billion, and his ex-wife also became the richest female billionaire in the world in no time.
Investors flocked to technology stocks this year, assuming that the products of these companies would benefit from consumers who were quarantined and moved all activities online.
Even after yesterday’s plunge, the world’s 500 richest billionaires have made an extra $ 830 billion year-to-date according to the Bloomberg Billionaire Index. The ones making the most are Bezos (up $ 83 billion) and Musk (up nearly $ 69 billion).
Source : Genk