A global slide in stock markets sparked by concerns over China Evergrande Group hit the world’s largest fortunes on Monday, with the richest 500 people losing a total of $ 135 billion.
Elon Musk of Tesla Inc. led the falls, as his world-leading net worth fell from $ 7.2 billion to $ 198 billion, according to the Bloomberg Billionaires Index. No. 2 Jeff Bezos, the founder of Seattle-based Amazon.com Inc., lost $ 5.6 billion, reducing his fortune to $ 194.2 billion.
A cash crisis in Evergrande, China’s most indebted developer, and a regulatory crackdown on the nation’s housing market stoked fears of possible financial contagion. Markets also reacted to US Treasury Secretary Janet Yellen’s warning of an economic catastrophe if lawmakers fail to raise the debt ceiling.
The S&P 500 fell 1.7%, the most since May.
Evergrande founder and chairman Hui Ka Yan continued his steep decline in the Bloomberg wealth rankings as the company’s shares fell to their lowest level in a decade. His fortune is now $ 7.3 billion, down from a peak of $ 42 billion in 2017.
Evergrande Founder and President Hui Ka Yan
Hong Kong’s largest property developers led some of the steepest losses on Hong Kong’s Hang Seng Index. Real estate billionaires Lee Shau-Kee, Yang Huiyan, Li Ka-Shing and Henry Cheng squandered more than $ 6 billion together.
Colin Huang, founder of e-commerce platform Pinduoduo Inc., has lost $ 29.4 billion this year, more than anyone else in China, including $ 2.3 billion on Monday.