Tech Founders Lost Nearly $9 Billion

Tech Founders Lost Nearly $9 Billion

Shares of big tech companies have been driving the surge in the stock market during the pandemic. But last week heavyweights Amazon, Google and Facebook took a hit when faced with the prospect of increased regulatory scrutiny. Big tech stocks—and their founders’ fortunes—fell after two separate antitrust lawsuits were announced against Facebook this week. 

Amazon CEO Jeff Bezos, Facebook CEO Mark Zuckerberg and Google’s two cofounders—Larry Page and Sergey Brin—are a combined $8.5 billion poorer in the week through Friday, December 11.

The Federal Trade Commission on Wednesday announced that it would sue Facebook for “illegal monopolization,” calling for the company to unwind its acquisitions of WhatsApp and Instagram. That same day, New York Attorney General Letitia James announced a separate antitrust lawsuit against the social media giant—joined by 47 other state and regional attorneys general—on similar grounds. Facebook’s stock dropped 3.5% since the lawsuits were announced.

HERE ARE THE BILLIONAIRES WHOSE FORTUNES DECREASED THE MOST THIS WEEK.

The net worth change is from close of markets Friday, December 4 to Friday, December 11.

1 | AMANCIO ORTEGA

NET WORTH | $74.4 BILLION, DOWN $3.1 BILLION

COUNTRY | SPAIN

SOURCE OF WEALTH | ZARA

2 | JEFF BEZOS

NET WORTH | $182.2 BILLION, DOWN $2.4 BILLION

COUNTRY | UNITED STATES

SOURCE OF WEALTH | AMAZON

3 | MARK ZUCKERBERG

NET WORTH | $100.5 BILLION, DOWN $2.2 BILLION

COUNTRY | UNITED STATES

SOURCE OF WEALTH | FACEBOOK

4 | LARRY PAGE

NET WORTH | $78.3 BILLION, DOWN $2 BILLION

COUNTRY | UNITED STATES

SOURCE OF WEALTH | GOOGLE

5 | SERGEY BRIN

NET WORTH | $76 BILLION, DOWN $1.9 BILLION

COUNTRY | UNITED STATES

SOURCE OF WEALTH | GOOGLE

5 | WANG WEI

NET WORTH | $29.6 BILLION, DOWN $1.9 BILLION

COUNTRY | CHINA

SOURCE OF WEALTH | PACKAGE DELIVERY

7 | FRANÇOIS PINAULT

NET WORTH | $45.6 BILLION, DOWN $1.8 BILLION

COUNTRY | FRANCE

SOURCE OF WEALTH | LUXURY GOODS

7 | WARREN BUFFETT

NET WORTH | $85.6 BILLION, DOWN $1.8 BILLION

COUNTRY | UNITED STATES

SOURCE OF WEALTH | BERKSHIRE HATHAWAY

9 | HE XIANGJIAN

NET WORTH | $35.3 BILLION, DOWN $1.6 BILLION

COUNTRY | CHINA

SOURCE OF WEALTH | HOME APPLIANCES

10 | SHELDON ADELSON

NET WORTH | $35.1 BILLION, DOWN $1.5 BILLION

COUNTRY | UNITED STATES

SOURCE OF WEALTH | CASINOS

Forbes

 

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