Tech billionaires have collectively lost $34.4 billion in net worth as technology stocks suffered a sharp decline.
Leading the losses was Meta CEO Mark Zuckerberg, whose fortune shrank by $8.8 billion, according to Forbes’ real-time billionaire index.
Amazon founder Jeff Bezos followed closely, seeing his wealth drop by $7.9 billion. Google co-founders Larry Page and Sergey Brin, along with Oracle’s Larry Ellison, also took significant hits, losing $6.2 billion, $5.8 billion, and $5.7 billion, respectively.
The market downturn was triggered by fresh inflation data that reignited concerns over stagflation—an economic scenario characterized by slowing growth and persistently high prices. The Personal Consumption Expenditures price index, the Federal Reserve’s preferred inflation measure, exceeded expectations, prompting a widespread selloff in major technology stocks.
Meta Platforms Inc. saw its shares fall 4.29% to $576.74, while Amazon declined by the same margin to $192.72. Oracle’s stock dropped 3.47%, bringing its year-to-date decline to 9%, as investors grew wary of its aggressive spending on artificial intelligence infrastructure.
Alphabet Inc., the parent company of Google, also took a hit, with its Class C shares tumbling 4.89% to $156.06. The stock is now trading 25% below its 52-week high of $208.70 reached in February. Meanwhile, Microsoft shares declined 3.02% to $378.80, further contributing to the sector-wide slump.
For much of the past year, the world’s richest tech executives have ridden a wave of soaring stock prices, driven by AI enthusiasm and a resilient economy. However, this week’s losses underscore the volatility of their fortunes amid broader economic uncertainty.
The downturn raises questions about whether the tech sector’s long-standing dominance in the stock market is entering a more turbulent phase. Investors now face a crucial period as they assess whether this is merely a short-term correction or the beginning of prolonged instability in the tech sector. With inflation concerns persisting and the Federal Reserve weighing its next move, the coming weeks will be critical for market watchers and tech giants alike.
