Elon Musk and Jeff Bezos were among the tech leaders whose net worth declined by billions.
BRENDAN SMIALOWSKI, MANDEL NGAN/AFP/Getty Images
The wealthy CEOs and founders in Silicon Valley suffered huge losses in the stock market crash on Monday.
The Nasdaq 100 fell 3.4 percent, the Dow Jones fell more than 1,000 points and the S&P 500 fell 3 percent at the close.
Jeff Bezos lost 6.4 billion dollars in this sell-off, while Elon Musk “only” lost 4.9 billion dollars.
This is a machine translation of an article from our US colleagues at Business Insider. It was automatically translated and reviewed by a real editor.
Silicon Valley’s billionaire founders and executives suffered severe losses in their assets when the stock market fell on Monday. The stock market crash cost the entrepreneurs several billion euros.
By the closing bell, the Nasdaq 100 had fallen by 3.4 percent. The Dow Jones index fell by more than 1,000 points. And the S&P 500 fell by 3 percent. The sell-off fueled fears of a weakening US economy and affected markets around the world.
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The net worth of tech CEOs and other business magnates is often tied to the value of their portfolios or the stock ownership in the companies they lead. This is because both stock ownership and stock options are part of the usual compensation packages for executives. Tech stocks such as Nvidia, Apple and Microsoft in particular are currently experiencing a major sell-off. They were particularly hit by the effects on Monday.
According to Forbes’ list of real-time billionaires, Jeff Bezos, founder and chairman of Amazon, lost about $6.4 billion (€5.8 billion). Larry Ellison, founder and CTO of Oracle, suffered a loss of $6.2 billion (€5.6 billion). The losses correspond to the change in their net worth from the close of trading on Friday to the close of trading on Monday.
This is how much Nvidia CEO and Google founder lose
Jensen Huang, CEO of Nvidia, lost $5.9 billion of his net worth. Google co-founders Larry Page and Sergey Brin lost $5.9 billion and $5.5 billion, respectively, according to Forbes estimates (€5.3 billion and €5 billion).
Other tech elites whose portfolios recorded billions in losses on Monday include Tesla CEO Elon Musk ($4.9 billion loss/€4 billion loss), Meta CEO Mark Zuckerberg ($4.3 billion/€3.9 billion), Microsoft founder Bill Gates ($2.6 billion/€2.3 billion) and former Microsoft CEO Steve Ballmer ($3 billion/€2.7 billion).
CEOs and founders still have billions left after the stock market crash
But it wasn’t just the tech billionaires who were affected. Investment legend Warren Buffett recorded a loss of 4.4 billion dollars, or 4 billion euros.
The loss figures are large. But we must not forget that most of the founders and CEOs on this list have a net worth of well over $100 billion according to the Forbes list. Despite the stock market crash, the entrepreneurs still have a significant portion of their net worth. For example, Bezos, the biggest “loser” of the day and the second richest person in the world, was still worth $180.7 billion (€165 billion) at the close of trading.
Read the original article in English at Business Insider US.
