Top Tech Moguls Lose $33 Billion as Nasdaq Drops Most Since 2011
The Nasdaq Composite Index tumbled 4.4 percent Wednesday, the most in more than seven years.
(Bloomberg) -- The world’s tech titans just took one on the chin.
The Nasdaq Composite Index tumbled 4.4 percent Wednesday, the most in more than seven years, erasing almost $33 billion from the fortunes of technology’s 61 richest people, according to the Bloomberg Billionaires Index.
Amazon.com Inc.’s Jeff Bezos, the world’s richest person, lost $8.2 billion, reducing his net worth to $138 billion, while Facebook Inc. Chief Executive Officer Mark Zuckerberg dropped $3.2 billion. Google co-founders Larry Page and Sergey Brin saw their fortunes slide by a combined $4.5 billion.
The 500 wealthiest people ranked on the Bloomberg index lost a total of $71 billion as the Dow Jones Industrial Average and S&P 500 also tumbled, erasing this year’s gains.
To contact the reporters on this story: Reade Pickert in New York at epickert@bloomberg.net;Jack Witzig in Princeton at jwitzig@bloomberg.net
To contact the editors responsible for this story: Alan Goldstein at agoldstein5@bloomberg.net, Peter Eichenbaum, Steven Crabill
©2018 Bloomberg L.P.