Over the last seven days, the stock market has taken a tumble causing top technology billionaires to lose a considerable amount of money.
Following the announcement that the Federal Reserve is expected to announce an increase in interest rates in an effort to combat inflation, the stock market has dipped, marking the biggest decrease since the start of the COVID-19 pandemic in March 2020. Billionaires such as Elon Musk felt the dip as his personal fortunes decreased by a staggering $25 billion over seven days.
Notably, former Amazon CEO and Blue Origin founder Jeff Bezos also felt the drop as reports indicate a loss of $20 billion over seven days. According to a Bloomberg analysis, the dip in the stock market didn't just affect Musk and Bezos, as the top five technology billionaires collectively lost $67 billion over the same seven-day period. Facebook founder Mark Zuckerberg lost $10.4 billion, Google founder Larry Page lost $7.6 billion, and Microsoft founder Bill Gates lost $4.3 billion.
For more information on this story, check out this link here.
- > NEXT STORY: Respawn making 3 new Star Wars games: FPS, Jedi Fallen Order 2, more
- < PREVIOUS STORY: Outriders 2: People Can Fly making second game for Square Enix