Do You Feel Bad That Jeff Bezos and Mark Zuckerberg Lost $3.4 Billion and $2.8 Billion Each Yesterday?
The 500 wealthiest people on Earth lost a collective $117 billion on Monday as US stocks took their biggest plunge so far this year.
Leading the pack was Amazon CEO Jeff Bezos, who took a $3.4 billion hit when the online retailer's shares plummeted. Despite the large loss, Bezos remains the richest man in the world with a net worth of $110billion.
Behind Bezos with the largest losses were LVMH CEO Bernard Arnaud with $3.2 billion, Facebook founder Mark Zuckerberg with $2.8 billion, Reliance Industries Limited chairman Mukesh Ambani with $2.4 billion and Microsoft founder Bill Gates with $2 billion.
Before we get all sad and teary eyed for these billionaires because yesterday was the worst trading day of the year in the market, let us remember that this blog was built for the common man, by the common man. I just took a look at my Roth IRA account, and I lost $178 dollars yesterday. In one day! That's the real story here.
But since the big wigs are the ones the media wants to talk about, I'll try to put on my billionaire hat here and relate. Do you think Bezos even bats an eye when he loses $3.4 billion in a day? If the amount of money he lost yesterday were given to a homeless man on the side of the road, he'd instantly become one of the 250 richest people in America. And I bet Bezos slept like a baby last night. But he better be careful. Because if this plunge turns into a correction, he could be in trouble. If he loses $3.2 billion for each of the next 32 days, he's going to be a common man just like the rest of us.
Either that or he cheats on a new wife each of the next four days...
Is there a better career than being Jeff Bezos ex-wife? There's a price for everything in this world, and while getting cheated on sucks, I think it'd be worth $36 billion.
Okay, back to thinking like the thousandaire I am:
I'm honestly cheering for a crash. Keep this tension with China going and let's induce some panic in the market. Could today be Black Tuesday?? I know that wouldn't be ideal for the parents and grandparents of the world, but I'm selfish and I think that's exactly what my portfolio needs. This market is so inflated that I'm afraid to enter. But if everything gets wiped out, I'm ready to pounce and get RICH.
Either that or Bitcoin needs to go to $100K...
HODL.