Jeff Bezos Loses Ksh 800 Billion In Less Than 24 Hours

As the deadly Coronavirus continues to sweep across the world, the world’s richest individuals are feeling the real heat as stock markets continue to register massive losses.

According to a report by Forbes, Jeff Bezos, the richest man in the world lost at least 800 billion shillings, shedding off 7 percent of his net worth after the shares of Amazon dropped by 8 percent on Thursday.

The Dow has suffered its worst since 1987 and during the session on Thursday, the top 20 richest persons on the world lost a cumulative 78 billion dollars as stokes fell.

The second top loser as a result of Coronavirus is Benard Arnault, the Chairman, and CEO of LVMH, the french luxury conglomerate. He lost at least 770 billion shillings. He is the world’s third-richest person. The shares of his company dropped by 9 percent

Mark Zuckerberg, the CEO of Facebook lost 570 billion shillings, a drop in his net worth by 9 percent with shares of Facebook plunging by 9 percent. Larry Ellison lost 560 billion shillings on Thursday after the shares of the company dropped by 11 percent.

Market analysts around the world say the stock market is set to be the worst hit as investors take off from companies that are considered at risk of losing in the wake of Coronavirus.

The Coronavirus Menace

The World Health Organization (WHO) has already declared Coronavirus a global pandemic and called on all countries in the world to be vigilant in trying to combat the virus.

The death toll from Coronavirus is now above 4,000 globally with the number of infections moving past 120,000. The most affected country is China where more than 90 percent of deaths have occurred. Italy seems to be the second-most affected followed by Iran.

The number of deaths in Italy has moved above 1,000 with infections at more than 15,000 as the government announced a complete lockdown of the whole country tp contain the virus.

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