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