- The 10 richest tech billionaires lost $ 44 billion of their net worth as tech sales that ended an 11-day rally.
- Jeff Bezos saw the biggest personal drop of $ 9 billion, according to the Bloomberg Billionaires Index, and the richest woman, his ex-wife Mackenzie Scott, is also on the list.
- For the billionaires affected, including Bezos, Scott, Elon Musk and Bill Gates, the decline in wealth accounts for only a fraction of their collective net worth.
- Visit Business Insider’s homepage for more stories.
The collective wealth of the 10 richest tech billionaires has decreased 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 decreases of $ 8.5 billion and $ 4.2 billion, respectively. Bill Gates’ fortune decreased $ 2.9 billion.
Musk, Zuckerberg, and Gates are billionaires (meaning their net worth is at least $ 100 billion each), and these losses are fractions of their total wealth. For example, Bezos’ net worth has decreased by 4.5%.
The decline in their net worth comes after a strong start to 2020 for tech companies, as customers around the world switched to online retailers and services during the coronavirus pandemic. The market continued to rally, but concerns that companies were overly expanding valuations led to a major tech selloff this week that saw the Dow Jones drop 740 points on Thursday, ending an 11-day hotline.
Even after these losses, the top 10 billionaires still have a collective net worth of $ 830 billion.
MacKenzie Scott also had a loss, seeing her net worth drop by $ 3.2 billion. She became the richest woman after her divorce from Bezos in 2019.
The decline in wealth comes as the pandemic has shed light on wealth inequality in the United States, with one in five Americans facing eviction in September, while food banks are seeing an increase in demand.
Avid music fanatic. Communicator. Social media expert. Award-winning bacon scholar. Alcohol fan.