On March 9, the US stock market fell more than 7%, led by major stock indices such as the S&P 500 and Dow Jones. This drop coincided with a 10% flash crash of Bitcoin, followed by the other alcoholics.
According to a report published by Forbes, March 9 was the worst day for the US stock exchange in 2008 to date.
The analysts of the magazine made an estimate of the losses recorded by the largest billionaires and reached the figure of 37.7 billion dollars.
Even the richest man in the world is not exempt
Bernard Arnault, who is the third richest man in the world, lost $ 6 billion due to falling share prices. Jeff Bezos, the richest man in the world, with a net worth of $ 114 billion, recorded losses of $ 5.6 billion.
Famous Bitcoin investor and skeptic Warren Buffett lost $ 5.4 billion that day, according to Forbes.
Facebook CEO Mark Zuckerberg, who ranks sixth in Forbes’ top billionaires, has lost more than $ 4 billion. According to the report, Libra project supporter recorded $ 4.2 billion in losses at the end of the “Black Month”.
The only top billionaire who suffered no losses, according to Forbes, was Michael Bloomberg. The reason is that his main company, which bears his name, is not listed on the stock exchange, so it was not affected. The next day was a negative one, however, as Bloomberg withdrew from the US presidency race after the US primary election. Its results have been extremely weak despite the hundreds of millions of dollars invested in the campaign.
Not only did investors suffer from the stock market crash. Big tech companies – Apple, Microsoft, Facebook, Amazon and Alphabet – have lost a total of $ 321.6 billion in their valuations, according to a report released by CNBC.
By comparison, the $ 30 billion drop in the crypto market doesn’t seem to be that big, especially given that investors are used to Bitcoin volatility.
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