Having trouble making ends meet after these last crazy 6 months? Don't feel bad. Norway's huge sovereign wealth fund, the largest in the world, lost $21 billion. According to this CNBC article today, the Norwegian fund, invested largely in North American stocks, lost a ton on its investments. The fund is still sitting on 10.4 trillion NOK (Norwegian Kronor), about $1.144 trillion, if I did the math right.
Norway invests a huge portion of its oil and gas money into this fund, which is a big source of pride and assurance for the Norwegian people. When it comes to long term financial thinking about the financial health and security of its people, Norway's probably the best country out there.
On the flip side, Tesla founder Elon Musk's wealth gained $8 billion yesterday, as Tesla shares surged. And the 2020 craziness keeps on going...
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