The billionaire club just got more exclusive.
As U.S. stocks have taken a hammering this year, a score of American executives have lost the coveted three comma title, the New York Post reports, citing Forbes and Bloomberg data. In fact, 145 people worldwide—8% of the world’s billionaires—have been ejected from the 10-figure net worth echelon over the past eight months, the Post says.
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This wealth drubbing is partly due to financial markets having had their worst ever start to a year. Pessimism continues to linger about the global economy as stocks have slumped 13% from their highs last year, the Post notes.
Businessmen who have dropped in the ranks include: Jamie Dimon, CEO of JPMorgan (JPM), Lloyd Blankfein, CEO of Goldman Sach (GS), Nick Woodman, CEO of GoPro (GPRO), and Michael Pearson, CEO of Valeant (VRX).
Many of these execs’ fortunes are tied up in company shares.
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The list of ex-billionaires also includes Ryan Kavanaugh, CEO of Relativity Media, Clifford Illig, vice chairman and co-founder of Cerner Corporation (CERN), investor Charles Brandes, Keurig-founder (GMCR) Robert Stiller, and biotech bigshot Alan Auerbach, according to the Post.
Jack Dorsey, CEO of Twitter (TWTR) and Square (SQ), temporarily dipped below the watermark before regaining the 10-figure title this week.