The 13% drop in U.S. stocks from their 2015 highs has not only messed with tens of thousands of working-class 401(k) accounts, but also knocked more than a dozen American executives from the billionaires’ club.
MarketWatch reports that Twenty U.S. execs, including GoPro Chief Executive Nick Woodman and Valeant boss Michael Pearson, have fallen out of the coveted 10-figure net worth echelon, according to Forbes, which tracks the net worth of the wealthiest in real time. So has Goldman Sachs CEO Lloyd Blankfein and JPMorgan boss Jamie Dimon.
Since May 19, the Dow has fallen 13.2% while GoPro shares have slipped 79% and Valeant shares are off 49%.
Globally, 145 people, or 8% of all billionaires, over the past eight months have fallen from the 10-figure level. There were 1,596 billionaires in the world as of Monday, according to Forbes.
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