NEW YORK: The richest U.S. tech moguls dropped tens of billions in collective wealth as technology stocks tumbled amid fears of inflation and economic tightening.
Elon Musk’s net worth fell by $15.2 billion on Friday—the most among tech billionaires—after Tesla Inc. shares extended losses. That leaves Musk’s fortune at $268.9 billion, which is still up 72% for the year, according to the Bloomberg Billionaires Index, report agencies.
Jeff Bezos’s net worth dropped by $2.7 billion as shares of Amazon.com Inc. declined 1.4% in New York, while Oracle Corp. co-founder Larry Ellison saw his fortune fall $2.6 billion. Mark Zuckerberg’s wealth dropped $1.3 billion to $114.7 billion with his recently rechristened Meta Platforms Inc. on the cusp of a bear market after an almost 20% fall from its recent peak. Markets are still reacting to higher inflation and the likelihood that the Federal Reserve will push forward with faster tapering of asset purchases.