The ten wealthiest tech billionaires lost a combined $44 billion in net worth amid a tech sell-off that concluded an 11-day rally.
The collective wealth of the ten wealthiest tech billionaires tumbled by a whopping $44 billion. Bloomberg Billionaires Index shows Amazon chief executive and founder Jeff Bezos saw the biggest drop in terms of individual wealth, losing $9 billion.
Elon Musk and Mark Zuckerberg saw drops of $8.5 billion and $4.2 billion, respectively. Bill Gates lost $2.9 billion. Zuckerberg, Gates, and Musk are centibillionaires, meaning, they have net worths of about $100 billion each.
The losses these tech billionaires incurred are mere fractions of their overall networths. For instance, Bezos’ net worth dropped by just 4.5 percent, despite losing billions of dollars.
Their drops in networth come after an impressive start to 2020 for tech titans, as customers worldwide resorted to using services of online retailers amid the coronavirus pandemic. The market continued to revive, but there were concerns raised about the companies overextending valuation, leading to a large tech sell-off this saw the Dow plunged 740 points on Sept. 3, marking the end of an 11-day hot streak.
Despite these losses, the ten richest billionaires have a collective net worth of $830 billion. MacKenzie Scott experienced a loss too, seeing her networth come down by $3.2 billion.
Scott became the richest woman after her divorce from Bezos last year. The drops in wealth come as the pandemic has swerved people’s attention to wealth inequality in the United States, with one in five Americans facing eviction in Sept. and food banks seeing skyrocketing demand.