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Technology Wealth Wipeout Reshapes Ranks of World’s Richest People

22:15  09 march  2020
22:15  09 march  2020 Source:   msn.com

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(Bloomberg) -- The wealth destruction caused by Monday’s market collapse is reshaping the ranks of the world’s richest people.

Wildcatter Harold Hamm’s fortune plunged 35% to $3 billion at 11:06 a.m. in New York, a drop that would bump him from the 500-member Bloomberg Billionaires Index if it holds through the close of trading. Fellow oil magnate Jeff Hildebrand is also set to fall off the ranking while Lukoil PJSC executives Leonid Fedun and Vagit Alekperov lost a combined $5 billion.

While these energy moguls are taking the biggest shellacking in percentage terms, losses have cascaded across industries and continents.

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India’s Mukesh Ambani, who began the week as Asia’s richest person, lost $5.7 billion, and Frenchman Bernard Arnault, chairman of luxury-goods giant LVMH, led Europe’s decliners with a $4.2 billion drop. Amazon.com Inc. founder Jeff Bezos and Berkshire Hathaway Inc.’s Warren Buffett are both down $4.4 billion. Carnival Corp. Chairman Micky Arison’s stake in the beleaguered cruise line operator slid 16% to $2.1 billion.

The world’s 500 richest people lost a combined $203 billion through the first 96 minutes of trading in the U.S. That’s the biggest daily plunge since the index began tracking the number in October 2016. The losses include declines in publicly traded assets and estimated drops in the values of private companies -- as is the case with Hildebrand’s Hilcorp Energy -- that Bloomberg calculates using public peers. More than a half-trillion dollars has been erased from the combined fortunes of the top 500 so far in 2020.

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“The near-term market focus is likely to remain on the virus’s spread across Europe and the U.S., and on stress in the financial markets,” Mark Haefele, UBS Group AG’s chief investment officer of global wealth management, said in a note to investors.

Spreading Virus

Today’s losses could have been deeper, and they still may be before the day is done. Each of the three major U.S. stock indexes opened down more than 7% in the first seconds, triggering a trading halt. The S&P 500, Dow Jones Industrial Average and Nasdaq Composite Index pared the declines to about 5% heading into the lunch hour as investors absorbed the prospect of an oil price war triggered by the breakup of the OPEC+ alliance and mounting concerns about how the spreading coronavirus will affect the global economy.

While about 85% of the people on Bloomberg’s wealth ranking were nursing losses Monday, there were some winners, including the Walton family, as investors seeking safe havens boosted shares of retailer Walmart Inc.

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China’s Qin Yinglin added $537 million to his net worth as shares of his Muyuan Foodstuff Co. rose 4%. Li Xiting, chairman of Chinese medical equipment maker Shenzhen Mindray Bio-Medical Electronics, gained $144 million, bringing his net worth to $14 billion.

--With assistance from Jack Witzig and Tom Maloney.

To contact the reporters on this story: Tom Metcalf in London at tmetcalf7@bloomberg.net;Venus Feng in Hong Kong at vfeng7@bloomberg.net

To contact the editors responsible for this story: Pierre Paulden at ppaulden@bloomberg.net, Peter Eichenbaum, Steven Crabill

For more articles like this, please visit us at bloomberg.com

©2020 Bloomberg L.P.

‘Wipeout’ Revival Lands at TBS, Which Promises New Twists and the Return of Big, Red Balls .
The big balls are back. TBS has given a 20-episode order to a reboot of “Wipeout,” the obstacle course reality competition that originally aired on ABC between 2008 and 2014. Given the current worldwide production shutdown, it’s unclear when the new “Wipeout” might eventually make it to air. But when it does, TBS is promising an even more bruising obstacle course. “The re-imagined series will feature new format twists and elements that will push contestants’ athleticism and willpower to even greater extremes, all while delivering some pretty epic fails,” according to a TBS press release.

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