- Jeff Bezos’ fortune dived $US9.1 billion after tech stocks were demolished in a big stock market selloff on Wednesday.
- Of the top five tech FAANG stocks, Amazon’s was hit the hardest by the slump.
- As a consequence, Bezos’ lost more than anyone else on the Bloomberg Billionaires Index.
A huge stock market slump on Wednesday cost the world’s richest man more than $US9 billion.
Jeff Bezos lost $US9.1 billion on Wednesday, leaving him with a net worth of $US145.2 billion. This sets Bezos back to his net worth in July, the same month the Amazon CEO became the world’s richest man in modern history.
Many billionaires’ fortunes shrank on Wednesday, with the world’s 500 richest people taking a collective hit of $US99 billion, the second worst day for Bloomberg’s Billionaire Index in 2018. Facebook CEO Mark Zuckerberg lost $US2.5 billion, but Bezos was the worst affected.
Here’s the top 10 on the Bloomberg Billionaire Index:
All the FAANG (Facebook, Amazon, Apple, Netflix, and Google) companies were hit hard on Wednesday, but Amazon took the biggest fall. The Seattle-based company’s stock plunged 6%, vaporizing $US56 billion of its market capitalisation.
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