Billionaire wealth — on paper, at least — has tumbled dramatically during Wall Street’s recent turmoil, illustrating important lessons for everyone about the ephemerality of stock gains and losses.
Why it matters
Elon Musk, Jeff Bezos and Bill Gates are hardly paupers. But their fortunes, (most of which are linked to the value of shares in the companies they founded, wax and wane dramatically, and are largely subject to fickle market forces. “There’s a large difference between decline and loss, and I think that’s the main thing here,” Zach Stein, chief investment officer at Berkeley, Calif.-based Carbon Collective, tells Axios.
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