Most of the investors, including the billionaires, received a massive loss during the last week. Amid the continuous spread of coronavirus, the combined fortunes of the world’s 500 wealthiest people fell by $444 billion. The fear of spreading coronavirus worldwide has created a global alarm affecting various sectors. According to the stock market index, the Dow Jones Industrial Average suddenly drops more than 12%. It is being marked as the biggest five-day slide since the depths of the 2008 financial crisis.
As per the Bloomberg Billionaires Index, the 500 richest people who had collected $78 billion, since the start of the year through last week, drubbed. Amazon.com Inc.’s Jeff Bezos, Microsoft Corp. co-founder Bill Gates and LVMH Chairman Bernard Arnault three of the richest people in the world, faced most significant losses, with their combined wealth dropping about $30 billion.
The 25th-richest person in the world, Elon Musk rang up the fourth-largest weekly loss, $9billion in 2020 and had a net worth of $36.3 billion. The pneumonia-like illness has threatened many lives, and health officials are struggling to contain the virus.
The global drama has finished many businesses, taking down 80% of billionaires on Bloomberg’s wealth ranking to red marks. This week, Carnival Corp. Chairman Micky Arison lost $1 billion as the world’s largest cruise-line operator held tourists abroad one of its ships in Japan. Five passengers have died so far in the ship after getting affected by the disease.