Losing $9 Billion In A Day

Monday was a crappy day in the stock market all around the world — but it was crappier for some than for others.

rsz_istock_000017344562_fullBloomberg Business reports that yesterday, the world’s five richest men lost a total of $8.7 billion — and when you’re talking that kind of coin, you might as well ignore that paltry $300 million and round that figure up to $9 billion.  Jeff Bezos’ holdings alone fell $3.7 billion in value, Amancio Ortega lost $2.5 billion, and Warren Buffett, Carlos Slim, and Bill Gates saw their net worth drop between $730 million and $870 million.  Yikes!  You could buy a professional sports franchise with that kind of cash.

Imagine, losing billions of dollars in a single day.  And we think we’ve got problems when the market tumbles, as it did on Monday, and our 401(k) portfolios drop, and we wonder whether the bottom is going to fall out of the market again, as it did in 2008 and early 2009.  At least we’re not measuring the money that has disappeared in billions, with a “b.”

We shouldn’t feel too sorry for Jeff Bezos, though.  Even after losing $3.7 billion, his net worth is still a hefty $56 billion, and he had a pretty good year last year — his net worth increased by $31 billion in 2015.  Ortega is even more in clover, because his net worth after his $2.5 billion loss is still a staggering $70.4 billion.

It’s hard to imagine one person having so much money.  It makes you wonder:  for these guys, when the market plummets, does it hurt to lose a billion dollars in a day?  Or is it really more like Monopoly money is to us?

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