Elon Musk, Jeff Bezos, Mark Zuckerberg and the other richest tech billionaires lost a total of $ 44 billion this week

0
104


  • The richest 10 tech billionaires lost a combined net worth of $ 44 billion amid a tech sell-off that ended an 11-day rally.
  • Jeff Bezos saw the biggest personal drop to $ 9 billion, according to the Bloomberg Billionaires Index, and the richest woman, his ex-wife MacKenzie Scott, is also on the list.
  • For affected billionaires, including Bezos, Scott, Elon Musk and Bill Gates, declining wealth is only a fraction of their collective net worth.
  • Visit the Business Insider homepage for more stories.

The collective wealth of the 10 richest tech billionaires has just fallen by $ 44 billion. According to the Bloomberg Billionaires Index, Amazon CEO and founder Jeff Bezos saw the biggest drop in individual wealth, losing $ 9 billion.

Elon Musk and Mark Zuckerberg also saw declines of $ 8.5 billion and $ 4.2 billion, respectively. And Bill Gates’ wealth is down $ 2.9 billion.

Musk, Zuckerberg, and Gates are centibillionaires (which means they have net worth of at least $ 100 billion each), and those losses are fractions of their overall net worth. For example, Bezos’ net worth fell 4.5%.

Their declines in net worth come after a strong start to 2020 for tech companies, as customers around the world have turned to retailers and online services during the coronavirus pandemic. The market continued to rally, but fears that companies had exceeded their valuations led to a technology sell-off this week that saw the Dow plunge 740 points on Thursday, ending an 11-day streak.

Even after these losses, the richest 10 billionaires still have a collective net worth of $ 830 billion.

MacKenzie Scott also suffered a loss, seeing his net worth drop by $ 3.2 billion. She became the richest woman after her divorce from Bezos in 2019.

The declines in wealth come as the pandemic has shed light on wealth inequalities in the United States, with one in five Americans set to be kicked out in September and food banks are seeing growing demand.

LEAVE A REPLY

Please enter your comment!
Please enter your name here