By The Financial District
Billionaire Investor Charles Schwab Loses $3-B In 3 Days
Billionaire investor Charles Schwab lost a whopping $3 billion from his personal fortune in just three days following the collapse of Silicon Valley Bank (SVB), Melissa Koenig reported for UK’s Daily Mail.
Photo Insert: The 85-year-old jet-setting Republican donor whose granddaughter was given a job in the Trump White House has lost $2.9 billion since March 8, with his net worth now down more than any other billionaire this year at just $10 billion.
The 85-year-old jet-setting Republican donor whose granddaughter was given a job in the Trump White House has lost $2.9 billion since March 8, with his net worth now down more than any other billionaire this year at just $10 billion.
He is now just the world's 183rd richest man, Bloomberg reported, after being ranked 63rd only three years ago for the roughly 6% stake in the brokerage firm he founded in 1971.
Investors had worried that Charles Schwab — the eighth-largest bank in the US — may suffer the same fate as SVB due to its large bond holdings with long maturities and low interest rates.
The firm is trying to assure the public that it is safe, has a lot of liquidity and the majority of its deposits fall under the Federal Deposit Insurance Corp.'s $250,000 insurance limit.
Schwab's 23% net worth loss over the course of just three days has been devastating for the billionaire. His downfall was only exceeded three times by other billionaires who Bloomberg classifies as making their money in the finance sector.
Dan Gilbert, the founder of Rocket Cos, lost 37% of his net worth in the early days of the pandemic, while Pollyanna Chu, once Hong Kong's richest woman, lost 31% in 2018. Leaf Hua Li, founder of Futu Holdings, lost 24% of his wealth in April 2021.
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