With losses running into billions, the pandemic had earlier allowed them to pocket big money but as stocks and crypocurrencies continue to tank, billionaires around the world have seen staggering losses.
Billionaires in the US have seen their fortunes cut by a staggering $800 billion. Top on the list is Elon Musk who has been in the news of late for his decision to buy Twitter. The Tesla CEO saw his net worth plummet in the first five months of the year. With Tesla stock down by 44% Musk fortune dropped from $270.1 billion in January to $201 billion on May 20.
Changpeng Zhao, CEO of Binance which is the world’s largest cryptocurrency exchange by volume tops the list for the largest year-to-date drop in net worth so far. According to a Bloomberg report, Li, the CEO and founder of the gaming and e-commerce conglomerate Sea, was estimated to be worth $22 billion a few months ago, but is now worth about $4.7 billion. This no longer places him on the 500 richest people in the world’s list.