Tag Archives: Billionaires

World’s richest lose $436 billion as 2018’s stock rout deepens


Mark Zuckerberg Photographer: Justin Sullivan/Getty Images

It’s been an expensive two months for the 500 wealthiest people on the planet.
Their combined net worth fell $181 billion this week as the S&P 500 Index and Dow Jones Industrial Average suffered their steepest weekly drop in more than two years amid heated rhetoric over tariffs and retaliation. The group’s wealth has shrunk $436 billion since markets peaked on Jan. 26.

Mark Zuckerberg bore the brunt this week with $10.3 billion wiped from his fortune on the Bloomberg Billionaires Index. He dropped three places to seventh on the ranking as scandal unfolded at Facebook Inc. The social network’s shares tumbled 14 percent following reports that it let Cambridge Analytica amass data on 50 million users.

Wretched Week

The five biggest billionaire fallers ended the week $34 billion poorer.

One-week loss

  • Larry Page $-4.6B
  • Jeff Bezos -6.1B
  • Warren Buffet -6.2B
  • Larry Ellison -6.9B
  • Mark Zuckerberg -10.3B.

Source: Bloomberg Billionaires Index.

The downdraft also caught Larry Ellison, down $7 billion as Oracle Corp. forecast slowing sales growth for cloud-related products. Berkshire Hathaway Inc.’s Warren Buffett, Amazon.com Inc.’s Jeff Bezos and Alphabet Inc.’s Larry Page lost $17 billion combined.

The world’s 500 biggest fortunes now encompass $5.2 trillion, according to the index.

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Presidency moves against emergency billionaires ..says holders of public office must account for their wealth


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Serving and former public office holders will
henceforth be made to account for their wealth,
Vice President Yemi Osibajo (SAN), has said.
He stated this at a town hall meeting convened
by the United Action for Change, UAC in Lagos
today Saturday April 23rd.
Osinbajo who fielded questions from various
labour and professional organisations as well as
individuals at the meeting held at the Ikeja
Airport Hotel, said “the era of people becoming
emergency billionaires is gone” and would no
longer be tolerated by the Buhari-led
administration.
“Anybody who cant explain his wealth must be
brought to account. Everyone who has served in
public office must account for what they own.
This is the change we want Nigerians to
support”, he declared, adding that the dream of
the Buhari government is to have a “country
where integrity is our national culture.”
The VP assured that the policies of the
government are not tainted by any hidden
agenda, stressing that at the end of their
tenure, Buhari and himself will be ready to
present their bank account details and assets
owned to convince Nigerians they never abused
their positions to get richer.
While pleading that Nigerians should be more
patient with the administration, Osinbajo said
the change mantra of the government was not
and will never be a mere slogan but a necessity
they are irrevocably committed to.
“Nigerians should never lose hope in the face of
present difficulties. We have the best
opportunity to change this nation now because
we have a leader who is honest in all his
dealings. There is a determination by this
government to change the nation’s direction”,
he assured.
Answering questions on the social security
scheme promised some categories of Nigerians,
the VP said the government remains committed
to a health insurance scheme that will provide
coverage for all Nigerians. He assured that the
N5,000 monthly stipend promised poor Nigerians
will soon take off, adding that a list of one
million beneficiaries for a start is already being
complied across the country.
He pleaded for the understanding of Nigerians
on the biting fuel scarcity across the country,
promising that a policy that will provide final
solution will be unveiled in a matter of weeks.
UAC Covener and National Legal Adviser of the
ruling APC, Dr Muiz Banire, SAN in his opening
remarks called for continuous support for the
change Nigerians voted for at the 2015 general
elections.
He explained that the body was “conceived as a
vehicle to engage and sensitize Nigerians on
the philosophical and moral significance of
change working through its major platform:
Change Nigeria.”