Mukesh Ambani loses 48 billion in just 2 months of Coronavirus Outbreak

Coronavirus is a virus that defines loss. The loss of life, resources, economy and money. According to the latest report published in ET, MukeshAmbani, the richest man of India has lost 48 billion in just two months of the outbreak. Due to the massive stock correction his earnings dropped by 28% which means he is losing $300million per day and puts him on the 17th position in the World Ranking dropping him down to eight places. 

It is not only MukeshAmbani whose ranking and earnings have dropped, in fact there are other three business tycoons as well. GautamAdani’s wealth dropped by 38% which is around $6billions, Shiv Nadad’s of HCL Technologies earnings dropped by 26% i.e. $5billions and UdayKotak earnings dropped by 28% which is around $4billions. The drop in the earnings dropped their World Ranking as well and now they are not in the list of Top 100 leaving only MukeshAmbani on the 17th position. 

According to Anas Rahman of Hurun Reports India, “India's top entrepreneurs have been hit by a 26 per cent drop in the stock markets and a 5.2 per cent drop in the value of the rupee compared with the US Dollar. For MukeshAmbani, it has been a perfect storm, with his wealth down 28 per cent.” MukeshAmbani is the second largest loser in the world after Bernard Arnault, chief executive of French fashion giant LVMH's whose wealth dropped by $30billions to $77billions. 

Talking about Mogul’s, Warren Buffet’s earnings also took a hit and dropped by 19% and the owner of Oyo Rooms is no longer in the billionaire list. There are other billionaire’s whose earnings have rapidly dropped in the last two months including Carlos Slim and family, Bill Gates, Mark Zuckerberg, Larry Page, Sergey Brin and Michael Bloomberg. Amazon’s CEO Jeff Bezos continues to be the richest man in the world even though his earnings dropped by 9% leading to the loss of $131billions.