Elon Musk, Others Lose Billions as Tech Stocks Tumble
Tumbling tech stocks knocked away tens of billions of dollars from the net worths of some billionaires on Friday, as inflation and economic tightening worries heightened.
Elon Musk’s net worth dropped by $15.2 billion on Friday, the biggest among tech billionaires, according to the Bloomberg Index, as Tesla Inc. shares continued to fall.
According to the Bloomberg Billionaires Index, Musk’s fortune now stands at $268.9 billion, an increase of 72 percent year over year.
Jeff Bezos’ net worth fell by $2.7 billion after Amazon.com Inc.’s stock fell 1.4% in New York.
Larry Ellison, co-founder of Oracle Corp., lost $2.6 billion in fortune.
Mark Zuckerberg’s wealth dropped $1.3 billion to $114.7 billion with his recently rechristened Meta Platforms Inc. on the cusp of a bear market after an almost 20 per cent fall from its recent peak.
Markets are still reacting to higher inflation and the likelihood that the Federal Reserve will push forward with faster tapering of asset purchases.
The top 10 US technology billionaires combined hemorrhaged $27.4 billion in wealth, according to the index.