The richest 500 people lost a combined $135 billion on Monday (20th Sept. 2021) due to a global rout in stock markets sparked by concerns over the China Evergrande Group.
Tesla Inc.’s Elon Musk led the declines 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, paring his fortune to $194.2 billion.
A cash crunch at Evergrande, China’s most indebted developer, and a regulatory crackdown on the nation’s real estate market stoked fears about possible financial contagion. Markets also reacted to U.S. Treasury Secretary Janet Yellen’s warning of economic catastrophe if lawmakers fail to raise the debt ceiling.
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