World Billionaires Lose $134B In Friday Market Slump, Jeff Bezos And Elon Musk Take The Biggest Hits
Portfolio Pulse from Anan Ashraf
A market slump on Friday led to a $134 billion loss for the world's 500 richest individuals, with Amazon and its founder Jeff Bezos taking significant hits. Amazon's shares fell nearly 9% due to lower-than-expected net sales and a disappointing outlook. Other tech billionaires, including Elon Musk, Larry Ellison, Mark Zuckerberg, Sergey Brin, and Larry Page, also saw substantial losses.
August 03, 2024 | 9:01 am
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NEGATIVE IMPACT
Amazon's shares fell nearly 9% due to lower-than-expected net sales and a disappointing outlook, significantly impacting Jeff Bezos' net worth.
Amazon's lower-than-expected net sales and disappointing outlook led to a significant drop in its share price, impacting investor sentiment negatively.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Alphabet's shares fell, leading to a loss of over $3 billion each for Sergey Brin and Larry Page.
The decline in Alphabet's shares contributed to significant losses for its major shareholders, reflecting broader market concerns.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
Alphabet's shares fell, leading to a loss of over $3 billion each for Sergey Brin and Larry Page.
The decline in Alphabet's shares contributed to significant losses for its major shareholders, reflecting broader market concerns.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
Meta Platforms' shares fell, leading to a loss of over $3 billion each for Mark Zuckerberg, Sergey Brin, and Larry Page.
The decline in Meta Platforms' shares contributed to significant losses for its major shareholders, reflecting broader market concerns.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
Tesla's CEO Elon Musk saw a $6.6 billion drop in net worth as the Nasdaq 100 Index fell by 2.4%, impacting tech stocks.
The broader market slump and decline in the Nasdaq 100 Index negatively impacted Tesla's stock, contributing to a significant drop in Elon Musk's net worth.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 50