March 7, 2012 at 9:01 AM ET
Warren Buffett is $407.3 million lighter this morning.
That’s how much the legendary investor lost in Tuesday’s global market sell-off, Bloomberg News reports. The market drop was driven by renewed concerns about Greece’s debt restructuring and the outlook for the global economy after China cut its growth forecast. It was one of the worst market performances of the year, with the Dow dropping over 200 points.
The billionaire investor saw his fortune shrink to $43.9 billion Tuesday, Bloomberg said. But the chairman of Omaha, Neb., based Berkshire Hathaway wasn’t the only billionaire suffering in the sell-off.
The 20 richest people on Earth lost a combined $11.3 billion in Tuesday’s market drop, Bloomberg said. That includes Bernard Arnault and Amancio Ortega, two European retail magnates and billionaires, who both lost about $1.2 billion. And Lakshmi Mittal, chairman and chief executive officer of ArcelorMittal, the world’s largest steel company, saw his fortune drop $918 million, or 4 percent, Bloomberg said.
Larry Ellison, who owns about a quarter of software giant Oracle, lost $385.7 million.
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