World's five richest people lose $36B in week after coronavirus fears tanked stock market

[mystery-ak]

World's five richest people lose $36B in week after coronavirus fears tanked stock market
by John Gage
 | February 28, 2020 08:10 PM



The world's wealthiest people saw their fortunes take a bit of a dip following concerns over the spread of the coronavirus.

Collectively, the top five richest people lost a combined $36 billion this week as a result of the largest stock market dive since the 2008 financial crisis.

Amazon CEO Jeff Bezos, the richest person in the world, lost the most money, with nearly a $12 billion fall in his net worth. Facebook CEO Mark Zuckerberg was also hit hard, going from the fifth-richest man in the world to only the sixth after losing almost $7 billion this week.

It was not just the billionaires at the very top who lost out. Bloomberg News reported that the wealth of the 500 richest people in the world dropped by $444 billion this week.

Regardless of the most recent drop, Warren Buffett, the fourth-wealthiest person in the world, said people should not be afraid to invest if they had a stock they were already eyeing as a good buy.

"The real question is: ‘Has the 10-year or 20-year outlook for American businesses changed in the last 24 or 48 hours?’" the Omaha-based investor said in an interview. "If it gives you a chance to buy something you like and you can buy it even cheaper, then it’s your good luck."


https://www.washingtonexaminer.com/news/worlds-five-richest-people-lose-36b-in-week-after-coronavirus-fears-tanked-stock-market

[Applewood]

They can afford it.  That's why Bernie and the rest of the commie Democrats want to tax the rich to pay for their "free stuff" schemes.

[mountaineer]

Because I am preoccupied with other things at present (recovering from hip replacement surgery), I really haven't thought about how this nonsense has affected our portfolio. I do know we took a licking in the Obama crash of 2008 - and more than recovered. My advisor's recommendation not to panic has proven sound.

[Gefn]

Because I am preoccupied with other things at present (recovering from hip replacement surgery), I really haven't thought about how this nonsense has affected our portfolio. I do know we took a licking in the Obama crash of 2008 - and more than recovered. My advisor's recommendation not to panic has proven sound.

@mountaineer off topic, but get well soon. I had my right hip replaced in March 2017. I’m so much more mobile now.

[mountaineer]

That's great to hear, @Gefn . I'm not quite tapdancing yet, but am hopeful.

[Applewood]

Because I am preoccupied with other things at present (recovering from hip replacement surgery), I really haven't thought about how this nonsense has affected our portfolio. I do know we took a licking in the Obama crash of 2008 - and more than recovered. My advisor's recommendation not to panic has proven sound.

I lost about $8,500 so far -- small potatoes compared to what Jeff Bezos lost, but it's plenty for me. But I'm sticking to my advisor's caution to not panic.  He's had to deal with my hysterics several times in the past and his same advice then was always sound.  I've always managed to recover any losses. 

By the way, all the best to you as you recover from your hip replacement surgery.

[IsailedawayfromFR]

Fictitious.

Paper profits if uncashed is not true wealth.

[Cyber Liberty]

Fictitious.

Paper profits if uncashed is not true wealth.

The story is fodder for the envious.  We're supposed to be happy those rich bastids lost money, even if it's fake money.