Last week, Bridgewater founder Ray Dalio said he predicts US companies will lose $4 trillion because of the coronavirus pandemic. This according to an article in Chief Investment Officer.

“What’s happening has not happened in our lifetime before,” Dalio said during an interview with CNBC, adding, “There’s a need for the government to spend more money, a lot more money.” Dalio argued that the impact of the pandemic will be greater than people think, and on a global basis the amount of money needed to support businesses could reach as high as $12 trillion.

The article notes, “Dalio changed his tone about the coronavirus just as his own hedge fund reportedly declined about 20% last week from the economic effects of the virus.”