The richest American tech moguls posted tens of billions in collective wealth as technology stocks tumbled amid fears of inflation and economic consolidation.
Elon Musk’s net worth fell by $15.2 billion on Friday — the highest among tech billionaires — after shares of Tesla Inc. According to the Bloomberg Billionaires Index, Musk’s fortune stands at $268.9 billion, which is still up 72% for the year.
Jeff Bezos’ net worth fell by $2.7 billion as shares of Amazon.com Inc. fell 1.4% in New York, while Oracle Corp. co-founder Larry Ellison saw his fortune drop by $2.6 billion. Mark Zuckerberg’s net worth has dropped by $1.3 billion to $114.7 billion, after Meta Platforms Inc. At the peak of a bear market after a drop of almost 20% from its recent peak.
Markets are still reacting to high inflation and it is likely that the Federal Reserve will proceed with a sharp reduction in asset purchases.
According to the index, the top 10 US technology billionaires bleed a combined $27.4 billion in wealth.
This story has been published without modification in text from a wire agency feed. Only the title has been changed.
Never miss a story! Stay connected and informed with Mint.
download
Our App Now!!
,