5 Billionaires Who’ll Be Poorer this Week
In recent times we have seen the volatility of the global economy affect the net worth of several billionaires. This comes as the US stocks had their worst week so far this year, capped off by a notable drop on Friday in response to inflation data from the US Federal Reserve.
Despite their massive fortunes, billionaires like Bernard Arnault and Chinese EV battery billionaire Robin Zeng have experienced losses, which have decreased their net worth.
In this article, we’ll examine five billionaires who have experienced significant losses this week and are now poorer than they were before.
Bernard Arnault ($13.2 billion loss)
The CEO of LVMH, the parent company of luxury brands such as Louis Vuitton, Dior, and Moet & Chandon is one of the biggest losers this week. Forbes reports that shares of LVMH luxury goods fell 5% this week, exceeding the 2% decline in the French CAC 40 index. This week’s drop follows a 2.2% rise in LVMH stock last week after announcing producer and songwriter Pharrell Williams as the new Louis Vuitton men’s creative director.
Robin Zeng ($3.4 billion loss)
The founder and chairman of Contemporary Amperex Technology (CATL), the world’s largest supplier of batteries for electric vehicles, is the second billionaire to become poor this week. His $3.4 billion loss comes as CATL shares dropped 3.5%. The drop follows reports that CATL plans to lower the prices it charges for its EV batteries for clients, including Chinese companies Huawei, Li Auto, NIO and Zeekr.
Stéphane Bancel ($1.1 billion loss)
The CEO of Cambridge, Massachusetts-based biotech firm Moderna, known for its Covid-19 vaccine comes third on the list of billionaires who became poor this week. This comes as the company shares fell by 16.4% this week. The fall comes immediately after Moderna announced it was lowering its sales expectations for the full-year 2023 by at least $2 billion. Stephane became CEO of Moderna in 2011 and owns a roughly 8% stake in the publicly traded company.
Noubar Afeyan ($400 million loss)
The chairman and co-founder of biotech firm Moderna is the fourth billionaire who became poor this week. His net worth dropped by $400 million because of the announcement made by his organization last week. Strategist Karen Andersen of Morningstar Research Services revealed that the company’s prospects for the near-term future look “unprofitable. This could also affect his net worth in the future because the demand for COVID shots is on a steady decline. Afeyan is also the founder and CEO of Cambridge, Mass. life sciences innovation firm, Flagship Pioneering.
Robert Langer ($400 million loss)
Langer, who is the fifth on the list also owns a 3% stake in the Cambridge, Mass.-based biotech Moderna. The drop in his net worth is closely related to the performance of Moderna’s shares in the market. Moderna, the maker of an mRNA Covid-19 vaccine, is going through a hard financial time. The firm has announced plans to explore long-term development areas like RSV shots and oncology therapy to make up the sales gap.
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