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10 Wealthiest US Billionaires Just Lost $14 Billion In A Single Day

by : Emily Brown on : 28 Oct 2020 08:04
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America’s top 10 richest people lost a combined total of $14 billion on Monday, after the stock market suffered its worst day in two months. 

Billionaires including Bill Gates, Mark Zuckerberg and Elon Musk all lost money as a rise in coronavirus cases and stalled negotiations about another fiscal stimulus bill caused market uncertainty.

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Facebook CEO Zuckerberg was the worst hit as the social media company’s stock was down 2.7% on Monday. Zuckerberg owns 15% of the company, and the drop caused him to lose $2.8 billion.

Mark ZuckerbergPA Images

There’s no need to worry though; with a net worth of $101.8 billion left, I think he’ll pull through.

Bill Gates, Microsoft co-founder and the world’s third-richest person, lost $1.7 billion through various investments, including his 1% ownership of Microsoft, which fell 2.8% on Monday. Gates also owns shares in Canadian National Railway, John Deere and Republic Services, all of which fell by over 2%, Forbes reports.

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Tesla and SpaceX’s Elon Musk lost $66 million as Tesla stocks fells 2.5%, though they recovered later in the day. As a result, his net worth fell to $93 billion.

Elon MuskPA Images

Elsewhere, former Microsoft executive Steve Ballmer lost $1.7 billion, renowned investor Warren Buffett lost $1.5 billion, and Oracle co-founder Larry Ellison dropped $2.6 billion.

Google co-founders Larry Page and Sergey Brin dropped $2 billion and $1.9 billion respectively, while Walmart heiress Alice Walton lost $635 million.

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BezosPA Images

In spite of the wider market sell-off, there was one man who managed to increase his wealth on Monday – Amazon founder Jeff Bezos. The CEO owns more than 11% of Amazon, and when shares finished the day slightly higher he gained $159 million, raising his net worth to a total of $188.8 billion.

While the prospect of losing millions, or even billions, of dollars is probably devastating for anyone, I imagine it’s much less devastating when you have millions more to fall back on.

If you have a story you want to tell, send it to UNILAD via [email protected] 

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Emily Brown

Emily Brown first began delivering important news stories aged just 13, when she launched her career with a paper round. She graduated with a BA Hons in English Language in the Media from Lancaster University, and went on to become a freelance writer and blogger. Emily contributed to The Sunday Times Travel Magazine and Student Problems before becoming a journalist at UNILAD, where she works on breaking news as well as longer form features.

Topics: News, Amazon, Billionaires, Elon Musk, Facebook, finance, Jeff Bezos, Mark Zuckerberg, Now, stock market, Tesla

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Forbes
  1. Forbes

    America’s 10 Richest People Are $14 Billion Poorer As Stock Market Has Its Worst Day In Almost Two Months