Coronavirus: Jeff Bezoz loses $18 bn as fears of economic slowdown cause fall in Amazon’s shares

Coronavirus: Jeff Bezoz loses $18 bn as fears of economic slowdown cause fall in Amazon’s shares

- Fears of the continuous spread of the coronavirus has led to a fall in market prices, in shares and loss of wealth

- The world's richest man, Jeff Bezoz, lost $7 billion overnight and $18 billion of his wealth in a month as a result

- He however continues to maintain his lead as the richest man in the world with a net worth of $110 billion

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The world’s richest man, Jeff Bezoz, experienced a loss in his net worth after fears of the coronavirus caused a fall in share prices.

Bezoz, per a report by cnbc.com, lost $7 billion overnight and over $18 billion in a month.

Fears of the global spread of the coronavirus have led to a plunge in shares and led to a loss of wealth.

READ ALSO: Twitter CEO, Jack Dorsey seals deal to keep him in office; cancels trip to Africa

Bezoz, however, maintains his lead as the world’s richest man, but with $110 billion to his name.

Bernard Arnault of LVMH, is on record as the biggest loser and is now recognized as the third richest man, behind Bill Gates, with a drop in wealth of about $6 billion.

On Monday, March 9, 2020, Bezoz’s company, Amazon, also recorded a 7% fall in shares.

YEN.com.gh understands that the declines were driven by a fall in the prices of oil and could go on record as the largest overnight loss in almost 10 years.

In other news, plans are in place to get the road network repaired in Kenya as it issues its first-ever road bond worth $1.5 billion.

According to the Infrastructure Principal Secretary Paul Maringa, the bond would be issued by June 2020 through the Treasury. He added that a part of the funds would be diverted towards the settlement of pending bills.

Maringa went on to say that the Kenya Roads Board has received authorization from the government to borrow funds from commercial lenders.

The funds, per a Business Insider report, would be leveraged by annual Parliamentary appropriations under the development budget.

He also noted that it would take 10 years to pay off the current outstanding commitments, which are currently estimated at US $6.4 billion in case no new projects are introduced.

Per the current plan, the balance would be used to finance works from July 1 to September 30, 2020, which would be followed by the issuance of a second bond.

The Treasury, it has been determined, would oversee the timings for the flotation and structure of the second bond.

READ ALSO: Ghana's cedi and 5 other currencies ranked as the best in Africa

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Source: Yen

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