Stock market panic costs Bezos billions. (Photo: dpa)
11.03.2020, 12:28 a.m.
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Fear of coronavirus effects and a drop in oil prices caused global stock prices to fall on Monday. Amazon boss Bezos lost billions overnight.
In the past few days, the stock marketers have been nervous about the possible negative effects of the further spread of the corona virus on the global economy. The share prices have recently dropped significantly. The fact that Saudi Arabia and Russia are now also fighting a price war for oil has apparently caused the proverbial barrel to overflow. On Monday, stock prices around the world plummeted. Billionaires like Amazon CEO Jeff Bezos lost billions, as CNBC reports.
Amazon share: price slide makes Bezos “poorer”
According to this, Bezos had to part ways with its assets of almost seven billion US dollars overnight, because the Amazon share dropped seven percent when it opened on Monday. Bezos owns around twelve percent of the shares in the e-commerce group he founded. The downward course had already started in February. In the past four weeks alone, Bezos’ wealth has been reported to have declined by more than $ 17 billion. Of course, this is Bezos’ share of Amazon’s stock market value, so the loss is more on paper – but should hardly be less painful.
Like Bezos, other billionaires suffered losses in their assets. For example, Tesla CEO Elon Musk saw a $ 4 billion decrease in the value of its equity stake. For the past month this means a minus of twelve billion dollars. Thanks to the strong gains in Tesla shares at the beginning of the year, there is still an increase of around four billion dollars for the current year. The Tesla share recently lost ten percent of its value, but it has been up 54 percent since the beginning of the year.
LVMH boss Arnault loses 30 billion in 2 months
The head of the luxury goods company LVMH Bernard Arnault, who lost six billion dollars on Monday alone, went even more downhill. Arnault has lost $ 20 billion in the past two months, at least on paper, and had to relinquish second place in the billionaire ranking to Bill Gates. Warren Buffett has also become poorer by four billion dollars over the weekend. For the past four weeks, there has been a loss of $ 12 billion. In total, the ten richest billionaires are said to have lost $ 80 billion in the last week of February alone, according to CNBC.
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