- Silicon Valley’s billionaire CEOs faced losses in Monday’s stock market downturn.
- The Nasdaq 100 fell 3.4%, the Dow Jones fell over 1,000 points, and the S&P 500 fell 3% as of market close.
- Jeff Bezos and Larry Ellison lost $6.4 billion and $6.2 billion, respectively, in the sell-off.
Silicon Valley’s billionaire founders and executives saw their net worths take a hit with Monday’s stock market downturn.
By the closing bell, the Nasdaq 100 fell 3.4%, the Dow Jones dropped over 1,000 points, and the S&P 500 was down 3%. The sell-off stoked fears about a slowing US economy and impacted markets around the world.
The net worth of tech CEOs and other business tycoons is often tied to the value of their portfolios or the equity they hold in the companies they lead, as stock ownership and options are common in executive pay packages. Tech stocks, in particular, like Nvidia, Apple, and Microsoft, are experiencing a major sell-off and were hit with the fallout on Monday.
According to the Forbes real-time billionaires list, Jeff Bezos, the founder and chairman of Amazon, and Larry Ellison, the founder and CTO of Oracle, lost $6.4 billion and $6.2 billion, respectively. The losses represented the change in their net worth from market close on Friday to market close on Monday.
Jensen Huang, the CEO of Nvidia, lost $5.9 billion of his net worth. Google cofounders Larry Page and Sergey Brin lost $5.9 billion and $5.5 billion, respectively, according to the Forbes estimates.
Other tech elites whose portfolios saw billions of dollars in losses on Monday include Tesla CEO Elon Musk ($4.9 billion loss), Meta CEO Mark Zuckerberg ($4.3 billion loss), Microsoft founder Bill Gates ($2.6 billion loss), and former Microsoft CEO Steve Ballmer ($3 billion loss).
It wasn’t just the tech billionaires who were hit. Investing legend Warren Buffett saw a loss of $4.4 billion.
It’s worth noting that most of these people have a net worth of well over $100 billion, according to the Forbes list — Huang is below that, at a cool $88.2 billion — so they still have a sizable chunk of their net worths intact.
Bezos, the biggest “loser” of the day and second-wealthiest person on Earth, was worth $180.7 billion at market close.