Top-10 Biggest Losers On Black Monday

By now every investor has digested the events of August 24, 2015, better known as “Black Monday.” When the dust settled, a trillion dollars had been wiped from the global equities market in just one day. The major averages in Asia, Europe and North America plunged at the fastest rate since the 2008 financial crisis, reminding investors that China’s economic and financial slowdown would be long and painful.

According to Bloomberg News, 24 billionaires from around the world saw their wealth fall by more than $1 billion on Black Monday, while the world’s richest 400 people lost over $120 billion collectively. To get a sense of who lost what, below is list of the top-ten biggest billionaire losers of the day (all figures in USD).

1. Wang Jianlin, China (Lost $3.6 billion)

Chinese business tycoon Wang Jianlin, who also happens to be Asia’s richest man, suffered the biggest loss on Black Monday. His stake in Hong Kong property developer Dalian Wanda Commercial Properties Co. cost him $2 billion. Wang also lost nearly $1 billion on his stake in Wanda Cinema Line, the world’s largest cinema operator.

2. Bill Gates, United States (Lost $3.2 billion)

Microsoft founder and world’s richest man Bill Gates lost a staggering $3.2 billion, more than any other American.

3. Jeff Bezos, United States (Lost $2.6 billion)

American technology entrepreneur and investor lost $2.6 billion on Black Monday, largely as a result of holdings in various publicly-traded companies.

4. Warren Buffett, United States (Lost $2 billion)

Known for his value investing, Berkshire Hathaway chairman and CEO Warren Buffett lost $2 billion. The world’s most successful investor holds hundreds of stocks, which made him especially vulnerable to the global selloff.

5. Carlos Slim, Mexico (Lost $1.6 billion)

The Mexican telecommunications magnate lost $1.6 billion, largely as a result of his holdings in Mexican corporations. Surprisingly, his company America Movil SAB was barely affected by the Black Monday rout and ended the week on a strong gain.

6. Amancio Ortega, Spain (Lost $1.5 billion)

Spanish business man and founding chairman of Inditex fashion group topped the list of biggest European losers. Ortega lost $1.5 billion, but still has a net worth of more than $68 billion, making him the world’s second-wealthiest person.

7. Mark Zuckerberg, United States (Lost $1.7 billion)

Facebook shares plunged nearly 14% in the three days through Black Monday. It’s no wonder founder and CEO Mark Zuckerberg, who owns 28.2% of Facebook shares, lost nearly $2 billion in one day.

8. Larry Ellison, United States (Lost $1.6 billion)

The American internet entrepreneur reportedly holds around 250 million shares of Oracle Corp, which lost nearly 4% on Black Monday. This at least partly explains his $1.6 billion hit.

9. Charles and David Koch (Lost $1.3 billion each)

The Koch brothers lost $1.3 billion each. Koch Industries, the multinational conglomerate that is run by both Charles and David, operates several companies and subsidiaries in Asia-Pacific, which was hit the hardest on Black Monday.

10. Sergey Brin, United States (Lost $1.2 billion)

Russian-born Google co-founder Sergey Brin, took a big hit after Google shares plunged nearly 11% in the four days through Black Monday. Despite losing more than $1 billion, his net worth is still valued at nearly $30 billion.

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