Billionaires Pour $96,300,000 Into Several Stocks in High-Stakes Bet on Themselves: Report
A group of billionaires are brushing past market fears and investing heavily in their companies in an attempt to leverage the volatility.
The Persson and Lundin families, along with Carlos Slim, just collectively invested $96.3 million in their respective companies, reports Bloomberg.
The Persson family invested approximately $78 million to boost their stake in H&M, where their firm is a major shareholder.
The Lundin dynasty spent about $16 million on April 3rd to increase their stake in Lundin Mining.
Meanwhile, Slim purchased $2.3 million in PBF Energy shares on the same day, as energy prices slumped.
The buying spree followed a market tumble triggered by Trump’s April 2nd tariff announcements, with PBF Energy dropping over 26% by April 8th.
The crash reportedly hit billionaires with a historic $536 billion loss of wealth in the two days following the tariff announcements – the largest two-day decline recorded by the Bloomberg Billionaires Index.
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