Business | Economy

World's latest billionaire loses the most

$3.2b setback for Facebook's Zuckerberg as fortunes fluctuate

  • Bloomberg
  • Published: 00:00 May 28, 2012
  • Gulf News

New York: The world's wealthiest people lost a combined $1.5 billion (Dh5.51 billion) last week as concerns about Greece's potential exit from the euro area and Spain's finances pushed the euro below $1.25 for the first time since July 2010.

Facebook Inc. co-founder Mark Zuckerberg, 28, lost the most during the week, as shares of his Menlo Park, California-based social-networking company fell 16.5 per cent. Zuckerberg, who lost $3.2 billion, is the world's 35th richest person with a $16.2 billion fortune, according to the Bloomberg Billionaires Index.

Mexican Carlos Slim, 72, gained $592.5 million during the week, as shares of his Mexico City-based tele-communications company America Movil SAB rose 2.4 per cent. Slim remains the world's richest person with a $66.1 billion net worth.

Bill Gates ranks second on the index with a net worth of $59.8 billion — $6.3 billion behind Slim. Gates' nest egg rose 1.1 per cent as shares of Redmond, Washington-based Microsoft Corp fell 0.72 per cent during the week. Three-quarters of Gates' fortune is held outside of Microsoft.

"This is clearly a week where investors were exhibiting tremendous concern about the European and American economies and the prospects for returning to recession," Brian Wieser, a senior analyst at Pivotal Research Group LLC, said in a phone interview.

Comments (1)

  1. Added 19:21 May 28, 2012

    How much we need to live a comfortable lifestyle? The latest and oldest billionaires will be looking at their 00000000 idol they have created and mere smoke; will be crying about the lost numbers. This world-wide economic crisis is going to teach everybody, especially the super-rich about their blind march of hoarding more and big numbers was a serious mistake of life.

    A. Sam Mathew, Ringgold, United States

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