The world's biggest fortunes were hit by concerns over the China Evergrande Group in Bloomberg - - Monday, with the richest 500 people losing a combined $135 billion.
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Elon Musk led the declines as his global net worth fell 1 billion to $7.2 billion according to the Bloomberg Billionaires Index. 2 Jeff Bezos, the founder of Amazon.com Inc. in Seattle lost $5.6 billion, paring his fortune to $194.2 billion.
A cash crunch in Evergrande, China s most indebted developer, and a real estate crackdown on the nation s market stoked fears about possible financial contagion. Markets also responded to Treasury Secretary Janet Yellen's warning of economic disaster if lawmakers fail to raise the debt ceiling.
The S&P 500 index fell 1.7%, the highest since May.
Evergrande's founder and Chairman Hui Ka Yan continued his precipitous decline in Bloomberg's wealth ranking as shares fell to their lowest since a decade. His fortune now stands at $7.3 billion, down from the peak of $42 billion in 2017.
Hong Kong s largest property developers led some of the sharpest losses on the Hang Seng Index. Hanuman billionaires Lee Shau-Kee, Yang Huiyan, Li Ka-Shing and Henry Cheng all shed more than $6 billion combined in 2008.
Colin Huang, the founder of Pinduoduo Inc., has lost $29.4 billion this year, more than anyone else in China, including $2.3 billion on Monday.
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