- Amazon CEO Jeff Bezos Loses $9.1 Billion to Tech Rout
The world’s richest man Jeff Bezos‘s total net worth declined by $9.1 billion amid global tech rout.
The huge slump in tech stock on Wednesday cost Amazon CEO over $9 billion to bring its total net worth to $145 billion from almost $155 billion recorded on Tuesday, while his year to date gain moderated to $46.2 billion.
Other billionaires like Jack Ma, CEO of Alibaba, lost $1.25 billion to now worth $36.5 billion. Bill Gates net worth declined from $98.5 billion to $96.3 billion.
While, Mark Zuckerberg, Facebook Ceo/Co-founder, lost $2.50 billion to $60.1 billion, with a year to date change of -$12.7 billion.
Facebook value started falling after series of accusation following election meddling and Cambridge Analytica hacking.
On Wednesday, U.S. stocks plummeted to their lowest since February as fresh concern about the impact of the trade war with China fuel selloff of technology and industrial shares.
However, Yen and Treasuries rose as demand for haven assets surged.
On Monday, the International Monetary Fund projected that global trade war will weigh on global growth and hurt progress going forward. Therefore, lowering global growth projection to 3.7 percent in 2018 and 2019, down from 3.9 percent projected in July.