Elon Musk And Jeff Bezos Lose Tens Of Billions Of Dollars In Stock Market Dive
Tens of billions of dollars has been wiped off the value of Elon Musk's and Jeff Bezos' wealth.
The top two richest people on the planet have suffered greatly over the past week thanks to a dive in the tech stock market.
Bloomberg said Tesla's front man Elon Musk lost a casual $25.1 billion (£18.5 billion) in value while Amazon's former top boss saw a $20 billion (£14 billion) dive in his fortune.
They weren't the only two who copped a financial gut punch, as Binance's Changpeng Zhao lost $17.7 billion (£12.5 billion), and Mark Zuckerberg had $10.4 billion (£7.6 billion) wiped off.
Tech stocks and cryptocurrencies fell massively in what was the worst week since the pandemic began.
Netflix shares suffered its biggest drop in a decade, according to the Independent, while Peloton stocks fell below their IPO price, meaning it is worth less than when it was first offered on the market.
Experts have been well and truly baffled by what's happened.
Jay Pelosky, founder and president of TPW Investment Management, told Bloomberg: "This is the longest short week, I think, in history, right? It's only been a four-day week and it feels like it's been two weeks rolled into one."
Adam Phillips, managing director of Portfolio Strategy at EP Wealth Advisors, added: "We're all going to breathe an extra sigh of relief once this session finally closes and then we can put an end to this week, because it's been painful all around."
Ethan Harris, head of global economics at Bank of America Global Research, wrote: "There are plenty of risks in the global economy, including geo-political events.
"However, in our view, the biggest near-term risk is right in front of us: that the Fed is seriously behind the curve and has to get serious about fighting inflation."
According to the AFR, the Nasdaq 100, which is a market that is fairly tech-heavy, slid 7.6 per cent before the close on Friday, which is its biggest decline since March 2020.
There was a fair bit of market volatility ahead of the US Federal Reserve's announcement this week on interest rate increase.
That shakiness has also been driven ahead of major earnings reports due soon from Apple, Microsoft, IBM, Intel, and Tesla.
Bitcoin also took a massive tumble last week, with the price sitting around $35,000.
It hit a high in November last year of $68,000, however has dived massively in the past week. Ethereum is also down by about 25 per cent.
It's unclear whether the market will bounce back from such a low point last week or if we will continue to see it slide further into the red.
Rest assured, the world's billionaires are still incredibly rich. Elon Musk's wealth is estimated at $243 billion, while Jeff Bezos sits in second with $168 billion.