Musk, Zuckerberg and Bezos: Why did their fortunes decline? – Technology News – Technology

America’s richest tech tycoon has lost tens of billions of collective wealth as tech stocks tumbled amid fears of inflation and economic tightening.

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. net worth Elon Musk It fell $15.2 billion on Friday, marking the biggest drop among tech billionaires, after Tesla Inc shares extended the slide.

That puts Musk’s fortune at $268.9 billion, which is still 72% larger this year, according to the Bloomberg Billionaires Index.

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. net worth Jeff Bezos It fell $2.7 billion, as shares of Amazon.com Inc. fell. down 1.4% in New York, while Oracle Corp co-founder Larry Ellison saw his fortune drop by $2.6 billion.

For its part, fortune Mark Zuckerberg It fell $1.3 billion to $114.7 billion with the recently renamed Meta Platforms Inc. On the cusp of a bear market after dropping nearly 20% from its recent peak.

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Markets continue to respond to high inflation and the possibility of the Federal Reserve going ahead with a faster reduction in asset purchases.

According to the index, the 10 largest tech billionaires in the United States collectively saw a $27.4 billion decline in wealth.

Bloomberg

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