The CEO’s of America’s biggest tech giants lost a collective $25 billion following last week’s market sell-off with the S&P tech sector closing down by 5.8 percent.
CNBC reports that the CEO’s of Amazon, Tesla, Facebook, and Microsoft saw their net worth fall by a collective $25 billion following Thursday’s market sell-off. The S&P 500 tech sector closed down by 5.8 percent on Thursday pushing the markets into the red.
CNBC created a scorecard showing the losses the tech executives faced, it reads:
- Amazon stock closed down 4.63%, taking $9 billion off CEO Jeff Bezos’s net worth.
- Tesla chief Elon Musk also lost $9 billion, after its stock slipped 9.02%.
- Facebook’s CEO Mark Zuckerberg saw its stock drop 3.76%, taking $4 billion off of his net worth.
- Former Microsoft CEO Bill Gates’ net worth fell $3 billion after a 6.19% stock slip.
Breitbart News reported in August that Jeff Bezos became the first person to cross the $200 billion threshold after seeing his net worth grow to $202 billion. Bezos’ personal wealth is largely based on Amazon stock which has increased massively in value in recent years along with the company’s share price. As a result, Bezos’ net worth has now dropped to approximately $194.3 billion according to Forbes.
Zuckerberg’s net worth is still $105.1 billion, the CEO recently announced that he and his wife Priscilla Chan, both of whom run the Chan Zuckerberg Initiative charitable foundation, plan to donate $300 million to help with preparations for the upcoming presidential election amidst the Chinese virus pandemic.
Zuckerberg and Chan plan to donate to two non-partisan organizations in order to help them recruit poll workers, rent polling places, purchase PPE kits for poll workers, and a number of other measures needed to ensure that voting stations will be safe as the pandemic continues. The organizations they have chosen are the Center for Tech and Civic Life and the Center for Election Innovation & Research.
After losing $9 billion following a decline in Tesla stock, CEO Elon Musk is still worth around $88.7 billion according to Forbes. Musk recently announced that Tesla’s production plant in Brandenburg, Germany, will be used to demonstrate a new complete overhaul of how its cars are constructed, as well as making new electric car battery cells and battery packs.
Musk made the comments to bystanders at Gruenheide which is located on the o outskirts of Berlin where Telsa is building a new European factory. Tesla plans to manufacture a new version of its Model Y crossover vehicle and maybe even new battery cells at the site, according to Musk.
“It will be the first time that there will be a transformation in the core structural design of the vehicle. It’s quite a big thing. Both manufacturing, engineering and design as well,” Musk said in a video posted to the Teslarati website.
Bill Gates’ net worth lags behind Bezos’ at $115.8 billion. Gates’ main focus in recent years has been philanthropic efforts, running the Bill and Melinda Gates Foundation, the largest private charitable foundation in the world. The foundation launched a Covid-19 Accelerator program in March with a fund of $125 million backed by the Gates Foundation, the Wellcome Trust, and Mastercard. Facebook CEO Mark Zuckerberg and his wife Priscilla Chan’s philanthropic arm then announced a $24 million gift to the fund in April. Pop singer Madonna and the U.K. government have also donated but the size of their donations was not disclosed. Zhang Timing, the 36-year-old Chinese billionaire and founder of the social media app TikTok, has pledged $10 million to the COVID-19 Therapeutics Accelerator.
Lucas Nolan is a reporter for Breitbart News covering issues of free speech and online censorship. Follow him on Twitter @LucasNolan or contact via secure email at the address email@example.com