A plunge in U.S. inventories Monday cut the lucks of the world’s 500 richest people by $114 billion as the optimism over tax cuts that fueled January’s gains dedicated way to worries about inflation.
Berkshire Hathaway Inc. Chairman Warren Buffett, the world’s third-richest person, was hardest hit, losing $5.1 billion, according to the Bloomberg Billionaires Index. Berkshire is the biggest shareholder of Wells Fargo& Co ., which plunged 9.2 percent, the most in the S& P 500. Buffett, 87, was one of 18 billionaires in the Bloomberg ranking to lose more than$ 1 billion on the working day. Facebook Inc. CEO Mark Zuckerberg‘s fate tumbled by $3.6 billion, the second-biggest decline.
Even Amazon.com Inc. Chief Executive Officer Jeff Bezos, the world’s richest person, wasn’t immune to the carnage. His fortune slipped $3.3 billion to $116.4 billion as shares of the retail behemoth fell 2.8 percent. Alphabet Inc.’s Larry Page and Sergey Brin each took hits of about $2.3 billion.
The rout followed more modest wanes on Friday that deleted $68.5 billion in wealth from the world’s 500 richest people.