Coronavirus: Jeff Bezos loses R287b amid fears of economic slowdown

Coronavirus: Jeff Bezos loses R287b amid fears of economic slowdown

- Fears of the continuous spread of the coronavirus have led to a fall in market prices, in shares and loss of wealth

- The world's richest man, Jeff Bezos, lost $7 billion overnight and $18 billion of his wealth in a month as a result

- He, however, continues to maintain his lead as the richest man in the world with a net worth of $110 billion

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The world’s richest man, Jeff Bezos, experienced a loss in his net worth after fears of the coronavirus caused a fall in share prices.

Bezos, per a report by cnbc.com, lost $7 billion overnight and over $18 billion in a month.

Fears of the global spread of the coronavirus have led to a plunge in shares and led to a loss of wealth.

Bezos, however, maintains his lead as the world’s richest man, but with $110 billion to his name.

Bernard Arnault of LVMH, is on record as the biggest loser and is now recognized as the third richest man, behind Bill Gates, with a drop in wealth of about $6 billion.

On Monday, March 9, 2020, Bezos's company, Amazon, also recorded a 7% fall in shares.

The declines were driven by a fall in the prices of oil and could go on record as the largest overnight loss in almost 10 years.

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Source: Briefly.co.za

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