World’s richest lose $436 bn as 2018’s stock rout deepens

ISLAMABAD: It’s been an expensive two months for the 500 wealthiest people on the planet whose wealth has shrunk to $436 billion since markets peaked on Jan. 26.

Their combined net worth fell by $181 billion this week as the Standard and Poors 500 Index and Dow Jones Industrial Average suffered their steepest weekly drop in more than two years amid heated rhetoric over tariffs and retaliation. Mark Zuckerberg bore the brunt this week with $10.3 billion wiped from his fortune on the Bloomberg Billionaires Index. He dropped three places to seventh on the ranking as scandal unfolded at Facebook Inc. The social network’s shares tumbled by 14 percent following reports that it let Cambridge Analytica amass data on 50 million users.

The downdraft also caught Larry Ellison, down by $7 billion as Oracle Corp. forecast slowing sales growth for cloud-related products. Berkshire Hathaway Inc.’s Warren Buffett, Amazon.com Inc.’s Jeff Bezos and Alphabet Inc.’s Larry Page lost $17 billion combined. The world’s 500 biggest fortunes now encompass $5.2 trillion, according to the index.