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The World’s Richest People Just Lost a Lot of Money

Published: Feb 06, 2018 2 min read

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U.S. Stocks Plunge Heading Into Market Close
A monitor displays stock information on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on Monday, Feb. 5, 2018. U.S. stocks plunged, sending the Dow Jones Industrial Average down almost 1,600 points, as major averages erased gains for the year. Photographer: Michael Nagle/Bloomberg via Getty Images
Bloomberg—Bloomberg via Getty Images

A plunge in U.S. stocks Monday cut the fortunes of the world’s 500 richest people by $114 billion as the optimism over tax cuts that fueled January’s gains gave way to worries about inflation.

Berkshire Hathaway Inc. Chairman Warren Buffett, the world’s third-richest person, was hardest hit, losing $5.1 billion, according to the Bloomberg Billionaires Index. Berkshire is the biggest shareholder of Wells Fargo & Co., which plunged 9.2%, the most in the S&P 500. Buffett, 87, was one of 18 billionaires in the Bloomberg ranking to lose more than $1 billion on the day. Facebook Inc. CEO Mark Zuckerberg’s fortune tumbled by $3.6 billion, the second-biggest decline.

Even Amazon.com Inc. Chief Executive Officer Jeff Bezos, the world’s richest person, wasn’t immune to the carnage. His fortune slipped $3.3 billion to $116.4 billion as shares of the retail behemoth fell 2.8%. Alphabet Inc.’s Larry Page and Sergey Brin each took hits of about $2.3 billion.

The rout followed more modest declines on Friday that erased $68.5 billion in wealth from the world’s 500 richest people.