Harvard Endowment Drops $8B in Steepest Loss Ever

Harvard, the world's richest university, saw its endowment plunge 22% between June and October of this year, the worst loss in its history, the Boston Globe reports. Revenue generated by the endowment, which fell by $8 billion, pays for 35% of the school's operation, and Harvard president Drew Faust expects a total loss of 30% by year's end.

By comparison, the endowment's previous worst loss was a 12.2% decline in value in 1974.