This year has seen dizzying surges in the US stock market – mainly in tech stocks – that has seen billionaires such as Jeff Bezos, Elon Musk and Mark Zuckerberg adding billions to their already unimaginable fortunes.
But what goes up, must come down. The collective wealth of the 10 wealthiest tech billionaires dropped by a whopping $44 billion (£33.7bn) this week.
Amazon boss Jeff Bezos lost the most, after stock market concerns that the online retail giant’s shares might be overvalued. He lost $9 billion (£6.9bn) in a single day last week and most recent figures from the Bloomberg Billionaires Index show that he lost almost $4 billion (£3bn) yesterday.
Even that $9bn is less than 5% of his total net worth though, he’s still worth almost $200 billion (£153bn) and unlikely to be among the one in five Americans facing eviction in September.
Elon Musk and Mark Zuckerberg also saw drops of $8.5 billion (£6.5bn) and $4.2 billion (£3.2bn), respectively. Microsoft founder Bill Gates' wealth saw his wealth drop by $2.9 billion (£2.2bn) in the same period.
Bezos’s ex-wife, MacKenzie Scott, was also affected by the huge drop in Amazon’ share price. She recently lost the title of the richest woman on Earth to Francoise Bettencourt Meyers, whose controlling interest in L’Oreal makes her worth some $65 billion (£50bn).
Amazon boss Jeff Bezos has best day in history as he earns $13billion in 24 hours
But even after these eye-watering losses, the 10 richest billionaires still have a collective net worth of around $830 billion (£636bn).
Bezos, Gates and Zuckerberg are all centibillionares – meaning they are worth over $100 billion (£76.7bn) each.
Bezos briefly crossed over the $200 billion barrier, and with Amazon continuing the trend of incredible growth it has set in the first half of 2020, will undoubtedly pass that landmark figure again within the coming months.
Elon Musk’s fortune is currently valued at just over $98 billion (£75.1bn) – making it likely that he will join that exclusive club soon enough.
While James Dyson tops the UK billionaire league he’s only 75th in the world, dropping a mere $139 million (£106.6 million) in the most recent Bloomberg audit.
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