- Plummeting tech stocks and cryptocurrencies have seen the fortunes of some of the world’s most ostentatious billionaires take a massive hit to their portfolios over the past week.
- Bloomberg reports estimated losses of $25.1 billion for Elon Musk, $20 billion for Jeff Bezos, $17.7 billion for Changpeng Zhao of Binance, and $10.4 billion for Mark Zuckerberg.
- Bitcoin, which already had the worst start of the year in its history, has dropped 16.8 percent just this week. Its record high of almost $68K in November is now below $35K.
“Tumbling tech stocks and cryptocurrencies have seen the fortunes of some of the world’s richest people take a hit over the past week.
Bloomberg reports that Tesla and SpaceX founder Elon Musk lost $25.1bn, Amazon’s Jeff Bezos saw a $20bn drop in his fortune, Changpeng Zhao of Binance lost $17.7bn, and Facebook’s Mark Zuckerberg is $10.4bn worse off.
It was the worst week for the stock market since the crash at the onset of the Covid-19 pandemic.
Big-name companies suffered, with Peloton falling below its IPO price and Netflix suffering its steepest drop in a decade. Stocks in chipmakers also struggled.
At Friday’s close, the tech-focused Nasdaq was down 7.6 per cent for the week, its biggest decline since March 2020. This is also the fourth successive weekly drop for the index, the longest decline in nine months…”
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