Elon Musk, Jeff Bezos, Warren Buffett, others lose over $26 billion wealth due to Evergrande crisis

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Updated: September 21, 2021 12:57 PM

Evergrande, the biggest real estate developer in China, and a global Fortune 500 company, which is staring at bankruptcy, hit the world's biggest fortunes, with the richest people losing billions of dollars.

Elon Musk, Jeff Bezos, Warren Buffet, evergrande“Some have attributed the sudden dip (in Bitcoin) to the currently ongoing Evergrande situation in China which has already caused turmoil in traditional markets,” Jonas Luethy of GlobalBlock had said on Monday.Image: Reuters

Evergrande, the biggest real estate developer in China, and a global Fortune 500 company, which is staring at bankruptcy, hit the world’s biggest fortunes, with the richest people losing billions of dollars. The world’s top 10 richest people, such as Elon Musk, Jeff Bezos, Bill Gates, Mark Zuckerberg, Warren Buffett, and others lost over $26 billion. Tesla Inc.’s Elon Musk, the world’s richest billionaire, saw his net worth falling by $7.2 billion to $198 billion, according to the Bloomberg Billionaires Index. Amazon.com Inc. founder Jeff Bezos lost $5.6 billion, with a net worth of $194 billion. In comparison, the S&P 500 index tanked 1.7 per cent to $4,357.73, posting its worst daily performance since May this year. Monday’s sell-off dragged the S&P 500 index 4.3 per cent down from its 52-week high of $4,545.85.

Evergrande founder and Chairman Hui Ka Yan, who stood at 359th spot on the Bloomberg Billionaires Index list, saw a drop in his wealth ranking as the company’s shares fell to their lowest levels in over 11 years. Evergrande shares were last seen trading at this level in May 2010. His net worth stood at $7.3 billion, down nearly $16 billion on a year-to-date basis.

Who lost how much wealth

As of 21 September 2021, Tesla’s famed CEO Elon Musk continues to be the world’s richest person on the planet with a net worth of $198 billion, despite a fall of $7.15 billion. Amazon.com Inc founder Jeff Bezos stood at second spot with $194 billion net worth, with a fall of $5.2 billion. The other three people in the top five list were Louis Vuitton SE group head Bernard Arnault with $157 billion (down $2 billion), Microsoft co-founder Bill Gates with $149 billion (down $1.94 billion), and Facebook founder Mark Zuckerberg with $132 billion (down $3.27 billion) net worth. So far this week, the top five richest people have lost over $26 billion.

According to the Bloomberg Billionaire Index, Google co-founders Larry Page and Sergey Brin were at the sixth spot ($124 billion, down $1.9 billion) and seventh position ($119 billion, down $1.8 billion), respectively. Former CEO of Microsoft, Steve Ballmer stood at eighth position in the list with a net worth of $105 billion (down $1.9 billion). Larry Ellison of Oracle Corporation was at ninth position with a total net worth of $100 billion (down $764 million), and multi-billionaire investor Warren Buffet stood at 10th position with a total net worth at $100 billion (down $701 million).

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