500 billionaires in the world lose 135 billion dollars overnight

The collapse struck again, global stock markets, sparking a Chinese spark this time. Fears about the Chinese Evergrande Group, the largest wealth in the world, shook, and according to the “Business Standard” website, the 500 richest people in the world lost a total of 135 billion dollars, of their financial investments from Stocks, bonds, and multiple instruments, as a result of the violent market reaction down to the “Evergrand” crisis.

The founder of Tesla, American billionaire Elon Musk, topped the list of losers, as his net worth fell by $ 7.2 billion to $ 198 billion, according to the Bloomberg Billionaires Index, and in second place came the huge loser, Amazon founder Jeff Bezos, who lost $ 5.6 billion, reducing his wealth to 194.2 Billion dollars.

The liquidity crisis at Evergrande, the largest real estate developer in China, and the regulatory crackdown on the country’s real estate market have raised concerns about potential financial contagion, and markets have also responded to US Treasury Secretary Janet Yellen’s warning of economic disaster if lawmakers fail to raise the debt ceiling in the United States. American.

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The rating of Evergrande founder and chairman, Chinese billionaire Hui Ka Yan, on the Bloomberg Rich List, has plunged, as the company’s shares plunged to its lowest level in a decade, and his fortune is now $ 7.3 billion, down from a financial peak of $ 42 billion in 2017.

Shares of the largest real estate developers, whose companies are listed on the Hong Kong Stock Exchange, suffered one of the largest losses on the Hang Seng Index, and billionaires Li Chau Kei, Yang Huiyan, Li Ka-Shing, and Henry Cheng each lost more than 6 billion dollars combined.

Colin Huang, the founder of the e-commerce platform Pinduoduo Inc., has lost about $29.4 billion this year, more than any other wealthy person in China, including $2.3 billion last Monday.

Deshmukh Junaid

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