Tue 21 September 2021:
The world’s richest 500 people lost a combined $135 billion as a result of a global stock market sparked by fears over China Evergrande Group.
According to the Bloomberg Billionaires Index, Elon Musk of Tesla Inc. led the declines, with his world-leading net worth falling $7.2 billion to $198 billion. Number two The founder of Seattle-based Amazon.com Inc., Jeff Bezos, lost $5.6 billion, bringing his net worth to $194.2 billion.
Fears of financial contagion were fueled by a cash crunch at Evergrande, China’s most indebted developer, and a regulatory crackdown on the country’s real estate sector. Markets also reacted to US Treasury Secretary Janet Yellen’s warning that if Congress fails to lift the debt ceiling, the US will face economic disaster.
The S&P 500 index fell 1.7 percent, its biggest drop since May.
Hui Ka Yan, the founder and chairman of Evergrande, continued to plummet in Bloomberg’s wealth rankings after the company’s stock sank to its lowest level in a decade. His net worth has dropped to $7.3 billion from a high of $42 billion in 2017.
Some of the worst losses on Hong Kong’s Hang Seng Index were driven by Hong Kong’s largest property developers. Property moguls Lee Shau-Kee, Yang Huiyan, Li Ka-Shing, and Henry Cheng collectively lost more than $6 billion.
Colin Huang, the founder of the e-commerce company Pinduoduo Inc., has lost more money than anyone else in China this year, including $2.3 billion on Monday.
(with agency)
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