World’s Billionaires Lost $90 Billion Dollars in Less Than a Week

Economy Nilgun Salim
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World’s fourth wealthiest man lost more than $1,4 billion dollars in a single day after his shares from the Wells Fargo Bank dropped with 3,3%.

Warren Buffett’s Berkshire Hathaway shares also dropped significantly on Tuesday, reporting a 2% decline, leading to a massive reduction of his impressive $65,8 billion dollars wealth.

The stock exchange went through an extremely unstable and disastrous period. Only in the last weekend, the fortune of 400 richest people in the world was reduced to $90 billion dollars.

According to Bloomberg, the founder of Inditex Armancio Ortega lost $3,3 billion, while Bill Gates lost $2,4 million dollars in less than a week.

The Amazon founder Jeff Bezos lost $1,9 billion dollars.

According to Washington Post, the billionaires shed $37.3 billion Tuesday as stocks and bonds both slumped, and oil sank after the International Energy Agency’s prediction that a glut will extend into next year.

The Wells Fargo Bank was acquired by the JPMorgan Chase & Co. Group and is considered the world’s most valuable bank.

Wells Fargo fell 5.9% since Thursday when the Consumer Financial Protection Bureau announced fines stemming from fake accounts.

The unbelievable drop from Thursday compares with a 2.5 percent fall for the Standard & Poor’s 500 Index.

Wells Fargo’s most valuable and biggest shareholder reported a 2% drop, affecting Warren Buffett’s fortune more than anyone else on the Bloomberg Billionaires Index. The American tycoon is the world’s fourth-richest person. The wealthiest man in the world is Spanish billionaire Armancio Ortega.