FANG Tycoons Lose $7.6 Billion as Technology Stocks Tumble
The billionaire founders of Facebook, Amazon.com, Netflix and Alphabet saw $7.6 billion wiped from their fortunes.
(Bloomberg) -- The billionaire founders of Facebook Inc., Amazon.com Inc., Netflix Inc. and Google owner Alphabet Inc. saw $7.6 billion wiped from their fortunes Wednesday as the Nasdaq 100 suffered its worst drop in three months.
Facebook’s Mark Zuckerberg fell the most, dropping $2.9 billion on the Bloomberg Billionaires Index, while Jeff Bezos’s short-lived reign as the $100 billion man ended after a tumble in Amazon.com Inc. shares knocked $2.5 billion off his net worth.
Alphabet’s Sergey Brin and Larry Page fell almost $1 billion each, while Netflix’s Reed Hastings shed $133 million.
The decline in the so-called FANG stocks came after traders flocked to firms seen benefiting more from a potential reduction in the corporate-tax rate. Technology stocks enjoy an 18.5 percent effective-tax rate -- the third-lowest among U.S. large caps, according to S&P Global data -- which means less potential bounty should the Republican legislation move through Congress.
To contact the reporters on this story: Tom Metcalf in New York at tmetcalf7@bloomberg.net, Jack Witzig in Princeton at jwitzig@bloomberg.net.
To contact the editors responsible for this story: Robert LaFranco at rlafranco@bloomberg.net, Sophie Caronello
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