Published On: Sun, Feb 4th, 2018

Wall Street: The World’s Richest People Lost $ 70 Billion in One Day

Billionaire Warren Buffett headed the list of losers after his fortune fell by $3.3 billion. Amazon founder Jeff Bezos increased his fortune by $3.2 billion

 

The world’s 500 richest people lost $ 68.5 billion last Friday, following the sharp falls on Wall Street that stemmed from investors’ fear of a rate hike.

Billionaire Warren Buffett headed the list of losers after shedding $ 3.3 billion of his fortune and finished third in the Bloomberg World Rich Index on Tuesday with $ 90.1 billion. On the other hand, Amazon founder and CEO Jeff Bezos leads the list of 67 money-earners who have actually increased their wealth after the fortune grew by $ 3.2 billion.

Bezos is now the richest man on the planet, with a capital of $118.8 billion. In the course of Friday, his fortune exceeded the 120 billion mark, but declined later on. In recent months he has bypassed Bill Gates ($92.1 billion) and Warren Buffett ($89.9 billion) after his fortune has grown by $28.2 billion since last October.

Bezos’s fortune has grown recently as a result of outstanding financial gains from Amazon last quarter. The digital business giant said Thursday it posted a record $1.9 billion in revenue in the fourth quarter, rising 38 percent to $60.5 billion, and meeting Wall Street expectations. Investors cheered Friday’s results and boosted the company’s share by 3%, which has risen 75% in the past 12 months.

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