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The collapse of the US stock market/ Here's how much money Elon Musk, Jeff Bezos & Co lost... but there was a winner
2024-08-06 21:38:23 / BOTA
ALFA PRESS
Losses on Monday were particularly heavy for American billionaires Bezos, Musk & Co. The collapse of the US stock market, which amounted to several percentage points, left a hole of billions of dollars.
On Monday morning (August 5), the stock markets were all in the red. US stock indexes fell by several percent, with Nvidia, Microsoft and Apple in particular posting big losses.
But it wasn't just for small investors that the stock portfolio showed red numbers, billionaires like Tesla boss Elon Musk and Amazon founder Jeff Bezos also lost a lot of money yesterday. However, a recovery is already on the horizon.
US stock market collapse causes billions in losses
The word "crash" was on the lips of many stock traders on Monday, but in the end it didn't go that far. Still, the numbers make clear the scope of the situation: The Nasdaq 100 tech exchange fell 3.4 percent, the S&P 500 corporate index fell 3 percent and the Dow Jones index dropped more than 1,000 points. And all in one day. Technology companies Nvidia, Microsoft and Apple also suffered particularly from the impact of the stock market collapse. Their shares lost about 10-15 percent of their value on Monday morning. Although share prices have already recovered somewhat, they are still below their initial value.
Among the losers on Monday were Elon Musk, Jeff Bezos and Nvidia boss Jensen Huang. The list of the world's billionaires, compiled by Forbes magazine, shows that most of the ultra-rich suffered losses - especially the top ten.
Jeff Bezos was in the lead with a loss of $6.4 billion, followed by Larry Ellison, the founder of the software company Oracle, with $6.2 billion.
Huang lost $5.9 billion, while Musk lost "only" $4.9 billion.
The winner of the day was the Frenchwoman Françoise Bettencourt Meyers, heiress of L'Oréal. She ranks 17th on the Forbes list with a fortune of $86.4 billion and generated an increase of $943 million on Monday.
In the end, there is no shortage of money: the stock market price recovers again
Why does the stock drop affect the billion? They generate a lot of money by holding portfolios or owning shares of the companies they run. Stocks are often part of executive pay.
You invest large sums and get high returns. However, if stocks fall sharply, billionaires lose significant amounts. But that doesn't make them poor. Despite Bezos' record loss, he still has $180.7 billion. Musk, the richest man in the world, still has $220 billion. The stock market price is already recovering, although a full recovery may still take time.
In the end, however, most billionaires don't lack money.
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