A string of wealth gains ended Thursday for the world‘s richest tech billionaires.
The 10 richest people in the industry saw $ 44 billion wiped out of their collective net worth, with US stocks falling the most in nearly three months amid investor concerns about foamy valuations.
Amazon.com Inc. founder Jeff Bezos led the way, dropping $ 9 billion as the ecommerce giant’s shares fell the most since June. Elon Musk’s net worth fell $ 8.5 billion as Tesla Inc. approached bear market territory, marking its third consecutive day of decline.
The reversal of fortunes underscores the transience of paper wealth, especially in a high market that sometimes seems separate from economic realities.
Even as the pandemic inflicted record-breaking suffering on economies around the world, shrinking workforce and exacerbating hunger, some of the world‘s richest people have recorded extraordinary gains in personal wealth over the past month.
Musk and Mark Zuckerberg both became centibillionaires, their fortunes steadily increasing by over $ 4 billion a day thanks to the soaring shares of Tesla and Facebook Inc. Bezos, the richest person in the world, became two-time centibillionaire while his ex-wife, MacKenzie Scott, briefly earned the title of World’s Funniest Woman.
Investors have piled up in tech stocks this year, as products from companies that have benefited from the quarantine of consumers turning to the web. Even after Thursday’s rout, the richest 500 people together added $ 830 billion in wealth this year, according to the Bloomberg Billionaires Index. The biggest winner is Bezos, who earned $ 83 billion, and Musk, whose fortune has soared to nearly $ 69 billion.