Startups

Elon Musks wealth declines by $15 billion as tech stocks plunge – Business Standard




The richest U.S. tech moguls dropped tens of billions in collective wealth as technology stocks tumbled amid fears of inflation and economic tightening.


Elon Musk’s net worth fell by $15.2 billion on Friday — the most among tech billionaires — after Inc. shares extended losses. That leaves Musk’s fortune at $268.9 billion, which is still up 72% for the year, according to the Bloomberg Billionaires Index.





Jeff Bezos’s net worth dropped by $2.7 billion as shares of Amazon.com Inc. declined 1.4% in New York, while Oracle Corp. co-founder Larry Ellison saw his fortune fall $2.6 billion. 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% fall from its recent peak.


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 U.S. technology billionaires combined hemorrhaged $27.4 billion in wealth, according to the index.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor





READ SOURCE

Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.