Bloomberg Wealth: A ‘Wealth Shock’ Is Coming

It’s been a bruising week for billionaires. You should care about why — even if you couldn’t care less about the 0.001%.

Evan Spiegel, the billionaire co-founder of the messaging app and filter pioneer Snapchat, lost 30% of his fortune on Tuesday. That was one of the biggest percentage wealth declines of any US billionaire this year, according to the Bloomberg Billionaires Index. Meta Platforms CEO Mark Zuckerberg is down $5.7 billion. Netflix Inc.’s Reed Hastings’s wealth has fallen by 53% since the start of the year.