Zuckerberg Loses $3 Billion as Market Swoon Hits Richest, Report

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Zuckerberg Loses $3 Billion as Market Swoon Hits Richest, Report
Zuckerberg Loses $3 Billion as Market Swoon Hits Richest, Report

Mark Zuckerberg loses $3 billion as world’s richest get pummelled by market swoon.

It’s been an expensive week for the world’s richest people. Mark Zuckerberg is nursing the biggest fall after losing $3.2 billion as large cap stocks disappointed for a fourth straight day. Losses for the Facebook Inc. chief executive officer topped those of Spain’s Amancio Ortega and Mexico’s Carlos Slim, who were both down $2.4 billion as of 1 p.m. in New York. The fortunes of Alphabet Inc.’s Larry Page and Sergey Brin each dwindled more than $2 billion on the Bloomberg Billionaires Index since markets opened on Monday.

The world’s 500 richest people have lost a combined $107 billion this week, more than the entire market capitalization of Goldman Sachs Group Inc. or Lockheed Martin Corp. The wealth of U.S. billionaires fell the most, declining a combined $34 billion. Chinese tycoons saw $16 billion erased. The Dow Jones Industrial Average has slid about 3.5 percent this week as President Donald Trump invited a trade war and Federal Reserve Chairman Jerome Powell fueled speculation the central bank plans to quicken the pace of monetary tightening.

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