It must have been a nightmare week for some of the world’s richest people. Especially Mark Zuckerberg since he endured the biggest fall after losing $3.2 billion as large cap stocks disappointed for a forth-consecutive day. The losses of Facebook Inc.’s CEO tops those of Spain’s Amancio Ortega and Mexico’s Carlos Slim who both became poorer by $2.4 billion as of 1 p.m. in New York.
Since the opening of markets on Monday, Alphabet Inc.’s Larry page and Sergey Brin each lost above $2 billion on the Bloomberg Billionaires Index.
In total, the 500 richest people on Earth lost a massive $170 billion, which accounts for more than the entire market capitalization of Goldman Sachs Group Inc. or Lockheed Martin Corp. American billionaires’ saw a combined $34 billion erased making them the most affected by the market. Chinese businesspersons lost a combined $16 billion. The Dow Jones Industrial Average fell by 3.5 percent this week after President Donald Trump invited a trade war and Federal Reserve Chairman Jerome Powell triggered speculations the central bank plans to hasten the pace of monetary tightening.