Coronavirus stock market selloff caused these billionaires to lose a lot of money

As the stock markets continue to plunge, the net worth of top global billionaires continues to decrease. Together, the top 10 global billionaires have lost a total of $83 billion within the past week since the financial crisis—the worst week yet. At the beginning of the year, all top ten billionaires’ net worth amounted to $855.1 billion while some of these billionaires have lost billions of dollars with Jeff Bezos as the biggest loser, others have simply gained more cash causing their net worth to increase with Steve Ballmer as the biggest winner.

Hundreds of millions have also been lost by other billionaires and investors since the coronavirus outbreak and investors remain anxious about the intensity of the coronavirus impact on global economies. As a result of this, there have been massive stocks sell-off globally, within the past week. Many of the major global stock market indexes continue to fall daily while others are on a price rollercoaster.

Top Ten Biggest Losers

With respect to a plunge in his net worth by $9.8 billion, Warren Buffet told CNBC that the coronavirus panic wouldn’t change his strategy for Berkshire Hathaway. This he said on Squawk Box, “we think the 20- and 30- year outlook is not changed by the coronavirus.” The same is believed for many other companies who do not think that the coronavirus panic would affect their long-term goals.

Concerning Elon Musk, the coronavirus has not been the only reason for his wealth plummet as Tesla’s stock has been on a rollercoaster, hitting all-time highs in the early parts of the first quarter rising by 50% in January, and dropping by 23% in February. Microsoft market’s capitalization also plunged by $53 billion, thereby causing Bill Gate’s wealth to drop by $6.6 billion, yet enough for him to maintain his spot as second-richest person in the world.

The Fashion industry also greatly suffers from the effect of the coronavirus outbreak as a majority of textile industries are located in China. Thus, Bernard Arnault and Amancio Ortega have also experienced plunges in their wealth falling by $7.4 billion and $6.1 billion, respectively.