Jeff Bezos lost $7 billion in paper wealth overnight, and more than $18 billion over the past month, as Amazon’s share price has plunged on fear that the coronavirus outbreak will slow the global economy.
The world’s richest person saw his wealth drop to $110 billion overnight, down from $117 billion, as Amazon’s shares fell 7% at Monday’s open from Friday’s close. The shares recovered slightly midafternoon Monday, but over the past month alone, Bezos’ wealth has fallen from $129 billion.
Concerns over coronavirus have roiled markets and torched hundreds of billions in paper wealth from the world’s billionaires over the past month. But last night’s declines, driven by a drop in oil prices, could be the largest overnight wealth loss in nearly a decade.
Warren Buffett’s paper fortune fell $4 billion, bringing his total losses over the past month to $12 billion, and his total net worth as of Monday morning to about $76 billion.
Even before Monday’s market declines, the world’s top 10 billionaires had lost $80 billion in the last week of February.