Tough week hits two billionaires’ fortunes – and knocks one person off Forbes list

In a slightly down week for markets overall, some high-profile billionaires took big hits. A tycoon completely lost his billionaire status.

It was a down week for the stock market, with the S&P 500 down -0.83% and the Nasdaq down 2.5% during the week covering the market close on Friday, August 4th through Friday, August 11th . Others, however, fared far worse—including the world’s richest man, a recent high flyer and a tycoon who fell all the way from the billionaire ranks.

No one lost more than Elon Musk, whose fortune fell by an estimated $7.2 billion in the week. Of course, Musk—who still clings to the title of the world’s richest man, some $2.4 billion ahead of second-place Bernard Arnault—had more to lose than anyone else. Shares of electric car maker Tesla fell 3.5%, the latest in a weekly decline for the company’s stock. Musk owns about 23% of Tesla, between stock and stock options.

It was a difficult phase for Rick Cohen as well. Shares of warehouse robot company Symbotic are finally cooling off after climbing more than 400% in the first seven months of 2023. Since early August, the stock has fallen more than 30%, including a 19% drop in the week through Friday. That helped shave $4 billion off Cohen’s fortune, which includes a 72 percent stake in Symbotic plus a major stake in C&S Wholesale Grocers, America’s largest wholesale grocer.

However, Philip Fayer might have had it worse. Fayer, the Canadian-born CEO of payment processor Nuvei Corp., lost the billionaire title altogether. Nuvei’s stock fell 46% this week after the company missed second-quarter earnings forecasts, pushing Fayer’s estimated net worth well below the ten-figure mark.

See how some of the world’s richest people saw their net worth change from the market close on Friday, August 4th to the close on Friday, August 11th.

Elon Musk

Net worth: $225.3 billion 🔴Drop: $7.2 billion

It’s been a bullish year for Tesla shares. This week, it’s been mostly bearish, with the stock losing value in four of the last five trading days. CFO Zach Kirkhorn unexpectedly resigned Monday after four years in the role and 13 years at the company. Musk, meanwhile, he remains focused about his potential cage fight against Meta CEO and founder Mark Zuckerberg.

Rick Cohen

Net worth: $19.9 billion 🔴Down: $4 billion

Cohen’s net worth jumped to $27.8 billion at the end of July, when the market value of Symbotic, his company that makes warehouse robots for clients including Walmart, hit $35 billion. Since then, shares have fallen steadily, despite the company beating analysts’ expectations in the third quarter, reversing some of its high earnings this year. However, the stock is up more than 260% in 2023, helping to make Cohen $12.5 billion richer than he was at the start of the year.

Phillip Fayer

Net worth: less than $1 billion 🔴Down: $400 million

Fayer started the week worth about $1.1 billion, but ended up being kicked out of the three-party club. The shares of the payment processing company of the Canadian businessman Nuvei Corp. fell 46% after a poorly received second-quarter earnings report, enough to push Fayer’s fortune below the billion-dollar mark.

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