This year, the books of the world’s top 50 richest people evaporated more than $500 billion, a staggering loss of wealth that exceeds Sweden’s gross domestic product and is more than the market value of any but six companies in the Standard & Poor’s 500 Index.
Bloomberg Billionaires Index shows that as of May 22, including Elon Musk (Elon Musk), Jeff Bezos (Jeff Bezos), Bill Gates (Bill Gates) and Warren Buffett (Warren Buffett), including the 50 richest people’s net worth has evaporated a total of $ 563 billion. The decline comes as the stock market faces its first bear market since the epidemic began.
Musk, CEO of Tesla Inc. and the world’s richest man, now has a net worth of $20.1 billion. He has lost $69.1 billion on his books so far this year, the largest loss of any of the 50 billionaires currently on the list, according to the Bloomberg Billionaires Index. He was in the process of buying Twitter for $44 billion, but said the deal has been put on hold.
Also, Amazon founder Bezos saw his net worth shrink by $61.1 billion. Bernard Arnault, the richest man in France and CEO of LVMH, saw his fortune shrink by $55.2 billion. Bezos still has a net worth of $131 billion, and Arnault’s net worth is $123 billion. Microsoft co-founder Gates is currently worth $116 billion, but has lost $21.7 billion this year. Berkshire Hathaway CEO Warren Buffett is in fifth place with a net worth of $110 billion. Unlike the top four billionaires, his net worth has increased by $1.2 billion this year.