Monday was a rough day for some of the world’s richest individuals, as global markets experienced a significant selloff that led to a combined loss of $201.9 billion for the world’s billionaires. Notable figures such as Jeff Bezos, Larry Ellison, and Masayoshi Son saw their fortunes take a hit in under 24 hours. The Asian market was hit particularly hard, with Japan’s Nikkei index dropping 12% in its worst trading day since ‘Black Monday’ in 1987. Masayoshi Son, the CEO of SoftBank Group, lost $4.6 billion, or nearly 16% of his wealth, making him one of the biggest losers in percentage terms.
In India, Gautam Adani and in Indonesia, Prajogo Pangestu, also experienced significant losses, each slipping $4.8 billion in a day. The U.S. tech billionaires were among the biggest losers, as major indexes such as the Nasdaq and the S&P 500 dropped, with weaker earnings reports and a weak jobs report adding to investor concerns. Jeff Bezos, the chairman of Amazon, saw his fortune decrease to $180.7 billion on Monday from $187.1 billion on Friday, marking a $6.4 billion single-day hit. Larry Ellison, the chairman of Oracle, also suffered a significant loss of $6.2 billion on Monday, largely due to the selloff in Oracle shares.
Despite the overall negative trend, there was one exception among the top 20 richest individuals, with L’Oréal heiress Françoise Bettencourt Meyers being the only gainer on Forbes’ list. With financial markets experiencing volatility and uncertainty, it was a challenging day for many billionaires around the world. The economic winds hit high-profile Japanese tycoons such as Tadashi Yanai, founder of Uniqlo, who lost $3.3 billion in a day, reflecting the broader challenges faced by the global economy. The selloff in tech stocks, including companies like Apple, Microsoft, Google parent Alphabet, and Tesla, led to significant losses for American billionaires, totaling $84 billion.
As the markets continue to fluctuate and investor confidence remains fragile, it is clear that even the wealthiest individuals are not immune to the effects of global economic events. The swift decline in net worth experienced by billionaires across various industries serves as a stark reminder of the interconnected nature of the economy and the impact of external factors on individual fortunes. Despite the losses incurred on Monday, some billionaires may see their fortunes rebound in the future, as market conditions evolve and new opportunities arise. For now, it remains to be seen how the world’s billionaires will navigate the challenges presented by the current economic landscape.
