ALBAWABA - In a week marked by a general market downturn, some billionaires faced losses in their fortunes.
During the week, the S&P 500 index dropped by approximately 0.83%, and the Nasdaq index saw a decline of around 2.5%. Leading the list of wealth losers was Elon Musk, with his fortune decreasing by about $7.2 billion during the week.
Despite this, he still retains the title of the world's richest person, holding a lead of $2.4 billion over the second-place billionaire, Bernard Arnault. Tesla's stock witnessed fluctuations during the week, resulting in a 3.5% decrease.
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Notably, Musk owns 23% of Tesla's shares. Rick Cohen, the CEO of Symbotic, a company specializing in warehouse robotics, also experienced a decline in his wealth by $4 billion. This comes after his fortune had risen to $27.8 billion by the end of July.
Additionally, Phillip Fayer, the head of Canadian payment company Nuvei Corp, lost his billionaire status as he saw a decrease of $400 million in his estimated fortune of around $1.1 billion at the beginning of the week.
