The Strategist

Elon Musk loses $5.5 billion for a week

03/16/2020 - 07:58

Elon Musk, who called the panic because of the coronavirusstupid, lost $5.5 billion due to market instability, Forbes magazine reported.
On March 6, the OPEC + countries were unable to agree either to change term and conditions of the deal to reduce oil production, or to extend it. As a result,restrictions on oil production in countries participating in the previous alliance will be liftedfrom April 1. This factor, along with news about the spread of coronavirus, caused a collapse in the oil and other markets.

Last week was not easy, not only for Elon Musk. According to the publication, over the past seven days, the ten largest billionaires in the world have lost about $76.4 billion.

Among those who suffered serious losses are President of the LVMH group of companies Bernard Arnault, who lost $ 14 billion, founder and beneficiary of the Inditex holding (owns the Zara brand) Amancio Ortega, who lost $ 12.8 billion.

Amazon CEO Jeff Bezos managed to retain the title of the richest man in the world, despite losses of more than $ 6 billion. Currently, his wealth is estimated at $110.5 billion.