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Billionaires’ wealth declines as shares fall

RIYADH: Several top billionaires including Elon Musk have faced unexpected losses in their wealth as their companies’ shares have declined in an already volatile market. 

According to a Bloomberg report, Musk — the world’s richest person — lost 5.4 percent of his fortune, as Tesla shares slid almost 7 percent. Musk’s current wealth now is approximately $192 billion, his lowest since August 26.

According to the wealth index, his wealth last dipped below $200 billion in March. But markets, however, staged a rally lifting his net worth to $288 billion on April 4. Since then it declined again.

Meanwhile, Snap Inc.’s Evan Spiegel and Bobby Murphy also saw a considerable amount of their fortunes vanish. 

On May 24, Snap’s shares slid 41 percent in New York trading, which marked its biggest intraday decline ever. 

Some 30 percent of Speigel’s fortune, worth $1.4 billion vanished, while Murphy lost $1.8 billion or 36 percent of his wealth. 

According to the wealth index, Spiegel and Murphy have now a net worth of $3.4 billion and $3.1 billion respectively. 

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