Coronavirus has created havoc in every part of the world as the countries continue to struggle to find a way to stop the outbreak. Over the past few months, the virus has spread massively, forcing the governments to impose travel restrictions on the various countries and businesses to restrain their activities. And that has led to a decline in industries imposing a massive loss to the most prominent business leaders in the world.
Coronavirus Impacts the Net worth of the Richest people
With the complete lockdown of activities in China, which is a trade giant, there is a significant impact on global trade. Most countries conduct massive exports from the state.
What started from China has fast sprawled in the entire world, and now the experts fear another great recession due to the virus. The effect has been seen on trade across industries, and the coronavirus scare is so momentous that the net worth of the wealthiest people in the world is dropping by a whopping 444 Billion dollars.
Jeff Bezos and Bill Gates, who are most abundant in the world, have seen the most massive fall in their net worth.
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Dow Jones Reported Massive Loss in the Net worth of Business Leaders
As per Dow Jones, there is close to a 12 percent decrease in the industrial average within five days. The securities market is falling rapidly, and thus the net worth of the billionaires fell flat. Jeff Bezos, Bernard Annual, Elon Musk, and other billionaires had a significant loss in their net worth.
Bill Gates Shared concerns on coronavirus
Bill Gates wrote in the New England Journal of Medicine that coronavirus is indeed like a once-in-a-century microorganism that is dangerous enough to kill more people than the 1957 flu. The concerns of the Coronavirus outbreak have grown multifold within short times.
Impact on Businesses Globally
The global economy may be hampered in a big way as people have restrained travel for work, Major events are being canceled, and all organizations have advised employees to stay home. There is an enormous decline in online shopping, especially from companies in China and Asia.
Tesla also reported a decline in business
The supply chain of most prominent organizations and tech firms is also severely impacted. Electric vehicle manufacturer Tesla saw a colossal drop in the supply worth from 917 dollars per share to 625 dollars per share.
Jeff Bezos and Bill Gates Suffered the biggest loss
Jeff Bezos, the CEO of Amazon, Bill Gates, the founder of Microsoft and French Businessman Bernard Arnoult saw the most significant decline in their net worth as coronavirus fear looms the world. They collectively lost more than 30 Billion dollars.