Monday brought a significant downturn in the stock market, impacting several Silicon Valley billionaires. By the end of the trading day, the Nasdaq 100 had dropped by 3.4%, the Dow Jones had plummeted over 1,000 points, and the S&P 500 had fallen by 3%. This decline severely affected the net worths of billionaire founders and top executives in the tech industry.
The wealth of tech CEOs and other business leaders is often closely linked to their companies’ stock values. When these companies face a downturn, the value of their holdings drops accordingly. Major tech stocks, including Nvidia, Apple, and Microsoft, experienced substantial sell-offs and were particularly hard hit on Monday.
This market reaction followed disappointing employment data in the U.S. released on Friday, which raised concerns about economic stability amid ongoing worries about the so-called Great Resignation. Additionally, the U.S. Federal Reserve’s decision to refrain from cutting interest rates, unlike other major banks such as the Bank of England, added to the market’s woes. Typically, interest rate cuts are seen as a growth booster, and their absence may have contributed to Monday’s decline.
Jeff Bezos of Amazon and Larry Ellison of Oracle saw their net worths decrease by $6.4 billion and $6.2 billion, respectively, reflecting losses from the close of the market on Friday to the close on Monday.
Nvidia’s CEO, Jensen Huang, experienced a $5.9 billion reduction in his net worth, while Google co-founders Larry Page and Sergey Brin lost $5.9 billion and $5.5 billion each.
Other notable figures from the tech world also faced significant losses, including Tesla’s Elon Musk, who saw a $4.9 billion decrease; Meta’s CEO Mark Zuckerberg, with a $4.3 billion loss; Microsoft founder Bill Gates, who lost $2.6 billion, and former Microsoft CEO Steve Ballmer, whose net worth dropped by $3 billion.
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