Investors have been selling shares in the biggest tech platforms, such as Facebook, Amazon, and Tesla. Billionaires achieved many gains during the pandemic, but the biggest shocker came on Friday when they suffered the most significant losses. Jeff Bezos suffered a loss of $9.5 billion, and although he is one of the richest men in the world, the loss was quite significant. The loss is the result of Amazon stocks falling off 5 %, which resulted in rich people facing heavy losses.
Mackenzie Scott also faced losses of around $3.3 billion due to the falling stocks of Amazon. Mackenzie is the ex-wife of Jeff Bezos, and she received Amazon stakes in alimony after getting divorced from Jeff Bezos.
The founder of Facebook, Mark Zuckerberg, faced the second-biggest loss along with Jeff Bezos. The shares of Facebook have fallen 6.3% and have shaken down Mark’s net worth to $6.4 billion.
North American users have been majorly responsible for the decline in the shares of Facebook. There are many uncertainties after the pandemic hit the world, and many major tech platforms have been facing losses.
Facebook will scrutinize the content and discussions shared on the platform with regards to the presidential elections that is set for November 3. Facebook is already facing losses, and the founders don’t want to get involved in any controversy during the election period.
There are many other tech billionaires with huge fortunes who had to suffer heavy losses due to changes in the stock market. The price of an electric vehicle from Telsa tripled in March.
Rocket companies are an online mortgage lender, and their head Dan Gilbert saw a jump in his shares only after August, but the overall stock has gone down. There also has been a 3.5% decline in the share prices, and the overall net worth of Gilbert went down by $1.3 billion.
Zoom Video Communication is a video conference firm that has seen a massive increase in their use which is a result of more online classes and more people working from home. However, the service has come down by 6%. Eric Yuan, the owner lost $1.3 billion of his fortune. His net worth now stands at $20.2 billion, but it is still relatively higher than the $11 billion he had in July.
The tech entrepreneurs from Asia had to suffer the most significant losses while Ma Huateng also noticed his net worth has dropped to $1.3 billion on Friday. The Hong Kong-based site Tencent was in trouble recently as Trump decided to ban the WeChat app due to security concerns.
It seems that coronavirus has taken a toll on every business and we can only hope things get better soon.