Some of the richest people in the world suffered huge financial losses this week totaling in the billions. Shortly after Trump announced potential plans to impose tariffs of around $50 billion of Chinese imports to retaliate for theft of intellectual property, the market has suffered heavily in fear of potential trade-wars. The impact of his remarks caused the Dow to drop 1,100 points in just two days. This tragic turn of events given it had hit an all-time high at the start of the year.
The drop in the market hit some of the wealthiest business people in losses to the tune of $71 billion. Some that were hit the hardest were, Berkshire Hathaway Inc. Chairman Warren Buffett, who once sat down to discuss life and politics with Jay-Z lost $3.02 billion. Jeff Bezos of Amazon.com Inc, who was recently announced as the richest person in the world lost $3.01 billion. His loss would account for less than 1% of his $130 billion net worth. Another mega-billionaire who suffered a loss was Tencent Holdings Ltd.’s Ma Huateng, who lost $2.16 billion.
