ALSO READTax law gives Warren Buffett's Berkshire Hathaway a big boost in value Warren Buffett to retire from Kraft Heinz board in April Will Warren Buffett announce Berkshire CEO on Saturday in his letter? Stay invested in US stocks, terrible mistake to be in bonds: Buffett Warren Buffett's Berkshire Hathaway buys Teva, sells 94% of its IBM stake
Warren Buffett’s wealth dropped $3.74 billion since Monday as U.S. stocks tumbled for a third straight day.
Losses for the Berkshire Hathaway Inc. chairman topped those of Facebook Inc.’s Mark Zuckerberg, who is down $3.71 billion. The fortunes of Alphabet Inc.’s Larry Page and Sergey Brin each dwindled about $3 billion, while Spain’s Amancio Ortega took a $2.5 billion hit on the Bloomberg Billionaires Index.
The world’s 500 richest people have lost a combined $128 billion since Monday, more than the entire market capitalization of Netflix Inc. or McDonald’s Corp. The wealth of U.S. billionaires fell the most, declining a combined $55 billion. Chinese tycoons saw $14 billion erased.
The S&P 500 Index fell 1.3 percent Thursday, bringing the three-day slide to 3.7 percent.
The Dow Jones Industrial Average dropped 420 points on the day after President Donald Trump promised to impose tariffs on foreign metals. Investors also digested Senate testimony by Federal Reserve Chairman Jerome Powell that has fueled speculation the central bank plans to quicken the pace of monetary tightening.