Forbes Report: World’s Top 10 Billionaires Lost $38B on Black Monday

Published at: March 10, 2020

Amid intensifying fears over the coronavirus, the United States stock market saw another historic day causing whopping losses for the world’s richest people.

On March 9, the U.S. stocks experienced another dismal day, with major stock indices like the S&P 500 and Dow Jones plunging more than 7%. This coincided with a major bloodbath in crypto markets, with Bitcoin (BTC) dropping nearly 10% over a day. According to some reports, Monday, March 9 became the worst day for U.S. stocks since 2008.

At $6 billion, Bernard Arnault suffered the biggest losses on the day

Referred to as Black Monday, the historic stock market day reportedly triggered multi-billion dollar losses for some of the richest people around the world, Forbes reported March 9. According to Forbes’ calculations based on its proprietary wealth-tracking platform, the top 10 biggest billionaires lost a combined $37.7 billion due to the crash of the stock market.

As such, Bernard Arnault, the world’s third-richest man, reportedly suffered the greatest losses among the top 10 list, losing as much as $6 billion on the day. Jeff Bezos, the world's richest man, with a net worth of $114 billion, saw his fortune plunged $5.6 billion by the Black Monday’s market close. Famous investor and known Bitcoin sceptic Warren Buffett lost $5.4 billion on the day, according to Forbes.

Facebook CEO Mark Zuckerberg lost more than $4 billion

The historic market crash did not spare Facebook co-founder and CEO Mark Zuckerberg, the world’s sixth-richest person in the Forbes list. According to the report, the famous tech entrepreneur, who is backing the much-debated digital currency project called Libra, has lost $4.2 billion as a result of Monday’s market turmoil.

On the other hand, there was still one top 10 list entrant who didn’t suffer any losses on the Black Monday, according to Forbes. Michael Bloomberg, a presidential candidate who is known for his positive stance to blockchain technology, has reportedly become the only person among the top 10 who saw his fortune remain flat on Black Monday. Bloomberg’s fortune was purportedly steady during the crash because his firm, Bloomberg, is a privately held company that doesn’t trade on the market, Forbes elaborated.

While the world’s top ten billionaires have lost about $38 billion in the day, major global technology companies like Apple have suffered far more than that. As reported by CNBC, the five most valuable tech firms including Apple, Microsoft, Facebook, Amazon and Alphabet lost a total of $321.6 billion in value, with Apple alone accounting for nearly $100 billion of that amount.

Last week, Cointelegraph reported on some of the world’s richest people in terms of their stance on the crypto industry and Bitcoin.

Previously, Binance CEO Changpeng Zhao reportedly overtook a co-founder of cryptocurrency mining giant Bitmain in an annual ranking of the world's richest billionaires published by Chinese media Hurun Report.

Tags
United States
Trading
Business
Facebook
Mark Zuckerberg
Stocks
Coronavirus
Shares
Forbes
Bill Gates
Related Posts
Crypto-friendly app Robinhood loses 8% in public Nasdaq debut
Shares of cryptocurrency-friendly trading app Robinhood dropped more than 8% in its public Nasdaq debut on Thursday, marking one of the worst initial public offering (IPO) debuts of its size. Robinhood’s HOOD stock tumbled 8.4% below the IPO price in the company’s first trading session on Thursday, dropping from $38 to $34.82. The company went public on Nasdaq at a $32 billion valuation to see its market capitalization fall to $29 billion after the HOOD stock ended the session below $35. According to data compiled by Bloomberg, the company’s first trading day marked the worst debut on record among 51 …
Trading / July 30, 2021
Robinhood Crypto and Stock Trading App Is Down Second Monday in a Row
After experiencing a major outage last week, major stock and cryptocurrency trading app Robinhood is troubled again. Robinhood encountered another technical outage on Monday, causing its platform to halt trading services, according to a March 9 tweet by Robinhood’s support team. Robinhood partially fixes the outage after an hour of downtime The firm announced earlier on the day: “Trading is currently down on Robinhood and we’re investigating the issue. We’re focused on getting back up and running as soon as possible and we’ll update the status page with the latest.” Subsequently, Robinhood has partially restored trading, noting that they are …
United States / March 9, 2020
Stock and Crypto Trading App Robinhood Faces Major System Outage
Following a major technical outage, popular stock and cryptocurrency trading app Robinhood is purportedly operational again. The popular platform for trading stocks and cryptocurrencies like Bitcoin (BTC) experienced a major technical outage, causing a loss of access to user accounts. On Monday, March 2, Robinhood encountered a day-long technical problem with users purportedly being unable to complete their exchange orders or even load their portfolio lists and charts. Robinhood temporarily restored service to experience outage again Subsequently, Robinhood released an official statement on the matter, providing little information on what exactly happened exactly. Robinhood support team tweeted on March 2: …
United States / March 3, 2020
Big Brother Capitalizes on Coronavirus Fears, Crypto Industry Responds
Governments are now considering tracking online user data as a way to fight the rapid spread of COVID-19. As a result, the question of personal data privacy is increasingly becoming a subject of discussion within the crypto community. On March 17, the Washington Post reported that the United States government was in talks with internet giants like Facebook and Google about using smartphone location data to combat COVID-19. One highlighted tactic includes tracking whether people are self-isolating in a way that successfully stems the outbreak, as has already occured in Israel, China, and Iran. In recent years, leaders in the …
United States / March 20, 2020
Mark Zuckerberg’s stablecoin project Diem officially shuts down
Meta, formerly branded as Facebook, has officially announced the closure of its digital currency project Diem after years of major efforts to move forward with the initiative. Announcing the news on Monday, Diem CEO Stuart Levey confirmed that Meta is selling intellectual property and other assets related to the Diem stablecoin project to its Silvergate Capital Corporation. The Diem Association and its subsidiaries will start winding down operations “over the coming weeks,” Levey said. The association, however, is still confident that Diem’s ideals will continue to thrive even after Meta officially terminated its involvement in the project, the CEO noted: …
Adoption / Feb. 1, 2022