Alex Wong/Getty Images News
A broader selloff in the tech sector has wiped off $134B from the fortunes of the world’s richest 500 people, including Amazon (NASDAQ:AMZN) founder Jeff Bezos, whose wealth plunged by $15.2B on Friday, according to the Bloomberg Billionaires Index.
Other tech billionaires, Tesla (TSLA) CEO Elon Musk and Oracle (ORCL) chairman Larry Ellison, also saw their wealth contract by $6.6B and $4.4B, respectively, as Nasdaq (COMP:IND) entered correction territory on weak economic data and disappointing financials from the “Magnificent 7.”
Amazon (AMZN) fell ~8.8%, its biggest intraday drop since April 2022, as the e-commerce giant indicated a disappointing outlook for the third quarter following a mixed quarterly report.
Meanwhile, Bezos witnessed the third-worst one-day drop in his wealth after April 4, 2019, and April 29, 2022, when AMZN sold off in reaction to his $38B divorce settlement with MacKenzie Bezos and a weak quarterly report from the company, respectively.
Mark Zuckerberg, Sergey Brin, and Larry Page were among the other billionaires to lose sizable chunks of their wealth as Meta Platforms (META) and Alphabet (GOOG) (GOOG) were also caught up in the market-wide selloff.
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