The collective wealth of the 10 wealthiest tech billionaires just dropped by $44 billion due to large tech sell-off this week.
According to the Bloomberg Billionaires Index , Amazon CEO and founder Jeff Bezos saw the biggest drop in individual wealth, losing $9 billion.
Elon Musk and Mark Zuckerberg also saw drops of $8.5 billion and $4.2 billion, respectively. And Bill Gates’ wealth is down $2.9 billion.
Musk, Zuckerberg, and Gates are centibillionaires (meaning they have net worths of at least $100 billion each), and these losses are fractions of their overall net worths. For example, Bezos’ net worth dropped 4.5%.
Their drops in net worth come after a strong start to 2020 for tech companies, as customers around the world turned to online retailers and services during the coronavirus pandemic.
The market continued to rally, but concerns that the companies have overextended valuations led to a large tech sell-off this week that saw the Dow plunged 740 points on Thursday , putting an end to an 11-day hot streak.
Even after these losses, the 10 richest billionaires still have a collective net worth of $830 billion.
MacKenzie Scott also experienced a loss, seeing her net worth drop by $3.2 billion. She became the richest woman after her divorce from Bezos in 2019.
The drops in wealth come as the pandemic has shed light on wealth inequality in the US, with one in five Americans facing eviction in September and food banks seeing increasing demand .
