Silicon Valley’s Billionaire CEOs Face Losses in Stock Market Downturn

Silicon Valley's billionaire CEOs and founders experienced significant losses during Monday's stock market downturn. The Nasdaq 100 saw a 3.4% decrease, the Dow Jones dropped over 1,000 points, and the S&P 500 fell by 3% by the end of the trading day.

Impact on Top Tech Leaders

Among those affected, Jeff Bezos and Larry Ellison faced substantial losses, with Bezos losing $6.4 billion and Ellison losing $6.2 billion in the sell-off. These high-profile individuals saw their net worths diminish as a result of the market volatility.

Market Turbulence and Global Concerns

The sell-off not only impacted Silicon Valley's elite but also raised concerns about the slowing U.S. economy, sending ripples across global markets. Tech CEOs and business magnates often have their wealth closely tied to the performance of their portfolios and company equity, making them vulnerable to market fluctuations.

Tech Stock Sell-Off

Leading tech companies such as Nvidia, Apple, and Microsoft experienced significant declines in their stock prices during Monday's market turmoil. This downward trend contributed to the overall losses incurred by top industry figures.

Billions in Losses

According to Forbes' real-time billionaires list, Jeff Bezos and Larry Ellison were not the only ones affected. Jensen Huang of Nvidia saw a $5.9 billion decrease in his net worth, while Google's Larry Page and Sergey Brin lost $5.9 billion and $5.5 billion, respectively.

Other notable figures who suffered substantial losses include Elon Musk of Tesla ($4.9 billion loss), Mark Zuckerberg of Meta ($4.3 billion loss), Bill Gates of Microsoft ($2.6 billion loss), and Steve Ballmer, former CEO of Microsoft ($3 billion loss).

Broader Impact

Even investing legend Warren Buffett was not immune to the market downturn, experiencing a $4.4 billion loss. Despite these setbacks, most of these individuals still maintain vast wealth, with many having net worths well above $100 billion.

Jeff Bezos, in particular, who saw the largest decline in net worth, remains the second-wealthiest person on Earth, with a net worth of $180.7 billion at the close of the market.

These significant losses underscore the volatility of the stock market and its profound impact on the fortunes of the world's wealthiest individuals.

—————————————————————————————————————————————
By: kvlamis@businessinsider.com (Kelsey Vlamis)
Title: Silicon Valley’s Billionaire CEOs Face Losses in Stock Market Downturn
Sourced From: www.businessinsider.com/how-much-billionaire-tech-ceos-founders-lost-stock-market-wipeout-2024-8
Published Date: Tue, 06 Aug 2024 03:16:01 +0000