Billionaire Schaeffler family loses a quarter of their wealth

Bad news for mother and son Schaeffler: The owners of automotive supplier Schaeffler AG and major Continental shareholders have lost around a quarter of their assets due to the corona pandemic.

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The Corona crisis is not just causing financial hardship for many middle classes. The super-rich are suffering too.

The most recent example: the Schaeffler family, more precisely Georg Schaeffler and his mother, Maria-Elisabeth Schaeffler-Thumann. Both hold voting shares in Schaeffler AG, one of the largest automotive suppliers in Germany, and a significant stake in tire maker Continental via Schaeffler.

Due to the corona crisis, your assets have shrunk by about a quarter, reports financial news service Bloomberg with reference to its own calculations. The reason: Due to the pandemic, global car sales have collapsed – and company stock prices have fallen as well.

In 2018, they both had fortunes of US $ 35 billion. But even before Corona, it was less every year – because the auto industry changes a lot. The Schaefflers have lost around 75% of their assets since 2018.

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