Market rout lops $114 billion from fortunes of world’s richest

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Published: February 6, 2018 1:10:44 PM

A plunge in U.S. stocks Monday cut the fortunes of the world’s 500 richest people by $114 billion as the optimism over tax cuts that fueled January’s gains gave way to worries about inflation.

Global markets crash, Global markets plunger, Global stock markets crash, stock market crisis, goldman, goldman sachs, makoto yamadaThe rout followed more modest declines on Friday that erased $68.5 billion in wealth from the world’s 500 richest people. (Reuters)

A plunge in U.S. stocks Monday cut the fortunes of the world’s 500 richest people by $114 billion as the optimism over tax cuts that fueled January’s gains gave way to worries about inflation. Berkshire Hathaway Inc. Chairman Warren Buffett, the world’s third-richest person, was hardest hit, losing $5.1 billion, according to the Bloomberg Billionaires Index. Berkshire is the biggest shareholder of Wells Fargo & Co., which plunged 9.2 percent, the most in the S&P 500. Buffett, 87, was one of 18 billionaires in the Bloomberg ranking to lose more than $1 billion on the day. Facebook Inc. CEO Mark Zuckerberg’s fortune tumbled by $3.6 billion, the second-biggest decline.

Even Amazon.com Inc. Chief Executive Officer Jeff Bezos, the world’s richest person, wasn’t immune to the carnage. His fortune slipped $3.3 billion to $116.4 billion as shares of the retail behemoth fell 2.8 percent. Alphabet Inc.’s Larry Page and Sergey Brin each took hits of about $2.3 billion. The rout followed more modest declines on Friday that erased $68.5 billion in wealth from the world’s 500 richest people.

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