Tech Founders Misplaced Practically $9 Billion This Week As Large Tech Faces Elevated Regulatory Scrutiny
The changing fortunes of the richest in the world
Bunnies from big tech companies drove the stock market surge during the pandemic. But this week heavyweights Amazon, Google, and Facebook had a hit when faced with the prospect of increased government scrutiny. Big tech stocks – and their founders’ fortunes – fell after two separate antitrust lawsuits were announced against Facebook this week.
Jeff Bezos, CEO of Amazon, Mark Zuckerberg, CEO of Facebook, and Google’s two co-founders – Larry Page and Sergey Brin – are a total of $ 8.5 billion poorer in the week ending Friday, December 11th.
The Federal Trade Commission announced on Wednesday that it would sue Facebook for “illegal monopoly” and asked the company to stop acquiring WhatsApp and Instagram. On the same day, New York attorney general Letitia James announced a separate antitrust lawsuit against the social media giant for similar reasons – along with 47 other attorney general and regional attorney general. Facebook shares have fallen 3.5% since the lawsuits were announced.
The Dow Jones Industrial Average and S&P 500 posted their first weekly declines in three weeks, falling 0.6% and 1%, respectively, while the tech-heavy Nasdaq Composite Index fell 0.7%. The shares of the big tech companies fell more, however: during the week, Facebook fell 2.2%, Amazon lost 1.5%, and Google parent Alphabet fell 2.7%.
Jeff Bezos, CEO of Amazon, the richest man in the world, saw his net worth shrinking by $ 2.4 billion to $ 182.2 billion this week, Forbes calculates. Facebook CEO Mark Zuckerberg is down $ 2.2 billion since last week. It’s now worth $ 100.5 billion. Google co-founders Larry Page and Sergey Brin were also affected. Her net worth decreased by $ 2 billion and $ 1.9 billion, respectively. According to Forbes, Page is now worth $ 78.2 billion and Brin is worth $ 76 billion.
Despite the decline in technology, billionaire Amancio Ortega, the world’s richest clothing retailer, was the billionaire whose fortune fell the most in US dollars over the past week. In 1975, he co-founded Inditex, known for his Zara fashion chain, which shares fell 3.7% that week. He now has net worth of $ 74.4 billion – $ 3.1 billion less than last week.
Other notable billionaires who made their fortune this week included famous investor Warren Buffett and Sheldon Adelson, CEO and chairman of Las Vegas Sands. Shares in Buffett’s investing conglomerate, Berkshire Hathaway, fell 2% since last week, saving $ 1.8 billion from its net worth, which now stands at $ 85.5 billion. In Adelson, his net worth dropped $ 1.5 billion to $ 35.1 billion after Las Vegas Sands stocks fell 5.2% this week.
HERE ARE THE BILLIONS whose fortunes have declined the most this week.
The change in net assets takes place from the market close on Friday, December 4, to Friday, December 11.