World’s 500 richest lose a combined $107 billion this week, Zuckerberg nurses biggest fall after losing $3 bn

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March 03, 2018 1:06 PM

Mark Zuckerberg is nursing the biggest fall after losing $3.2 billion as large cap stocks disappointed for a fourth straight day.

Mark Zuckerberg, Facebook, Alphabet, Goldman Sachs, richest man, world richest man, Zuckerberg, stocks, market cap, stock market, sharesIt’s been an expensive week for the world’s richest people. (Reuters)

It’s been an expensive week for the world’s richest people. Mark Zuckerberg is nursing the biggest fall after losing $3.2 billion as large cap stocks disappointed for a fourth straight day. Losses for the Facebook Inc. chief executive officer topped those of Spain’s Amancio Ortega and Mexico’s Carlos Slim, who were both down $2.4 billion as of 1 p.m. in New York. The fortunes of Alphabet Inc.’s Larry Page and Sergey Brin each dwindled more than $2 billion on the Bloomberg Billionaires Index since markets opened on Monday.

The world’s 500 richest people have lost a combined $107 billion this week, more than the entire market capitalization of Goldman Sachs Group Inc. or Lockheed Martin Corp. The wealth of U.S. billionaires fell the most, declining a combined $34 billion. Chinese tycoons saw $16 billion erased. The Dow Jones Industrial Average has slid about 3.5 percent this week as President Donald Trump invited a trade war and Federal Reserve Chairman Jerome Powell fueled speculation the central bank plans to quicken the pace of monetary tightening.

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