The fade in Trump trade: World’s 500 richest people lose $35bn in one day – and counting

EDINBURGH: President Donald Trump is fast losing his lustre across global markets. While it may have been amusing to have the businessman reality television star in the White House from afar, concerns are growing that he is not fit to rule one of the world’s most powerful nations. Jokes and parodies are doing the rounds about a nine-year-old boy in the body of a president. Most worrying, though, are the shifty responses by the Trump team to allegations that Russia has been too close to the Trump presidency. As Trump trade fades, the world’s richest people have watched as billions have been shaved off their share values. Those less wealthy are undoubtedly seeing their global portfolios hammered by political turmoil in the US, too. – Jackie Cameron

By Brendan Coffey and Jack Witzig

Bloomberg – The world’s richest people lost $35 billion Wednesday when global equity markets were rocked by political turmoil in the U.S., according to the Bloomberg Billionaires Index.

Bill Gates, the world’s richest person with $86.8 billion, lost $1 billion as shares of Microsoft Corp., his largest holding, tumbled 2.8 percent, the most in almost a year. Inc. co-founder Jeff Bezos, who came within $4 billion of taking the top spot from Gates earlier this week, dropped to No. 3 after losing $1.7 billion as shares of the online retailer slid 2.2 percent. Spanish retailing tycoon Amancio Ortega lost $355 million to end the day in the second position with $83.2 billion.

Global stock indexes tumbled as political turmoil enveloped the White House, with President Donald Trump’s ties to Russia and his firing of FBI Director James Comey under scrutiny. U.S. stocks posted their steepest declines since September, led by the Nasdaq Composite’s 2.6 percent slide. The MSCI All-Country World Index fell 1.2 percent, and bank stocks were the worst performers.

Facebook Inc. founder Mark Zuckerberg was hardest hit in the tumult, dropping $2 billion when the social media giant dropped 3.3 percent. Zuckerberg is the fifth-richest person on the planet with $62.3 billion, according to the index. Trump, the first billionaire to serve as U.S. president, has a net worth of $3 billion and doesn’t have a spot on the Bloomberg index, a daily ranking of the world’s 500 richest people. They have a combined net worth of $4.9 trillion, up $455 billion in 2017.

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