Jeff Bezos Is Nearly $10 Billion Poorer As Tech Selloff Chops Off $32 Billion From...

THE CHANGING FORTUNES OF THE WORLD’S RICHEST

As investors sell off tech darlings such as Amazon, Facebook and Tesla, some of the biggest billionaire gainers during the coronavirus pandemic suffered big losses to their fortunes on Friday. Jeff Bezos, the world’s richest person, lost $9.5 billion of his net worth in one day, as Amazon stock fell more than 5%, even after it reported better-than-expected earnings for the third quarter on Thursday.

The retail pioneer, who is now worth $179.4 billion, is down roughly $20 billion compared to last Friday, as the S&P 500 and Nasdaq both posted losses of over 5% during the same time period. Bezos’ ex-wife, Mackenzie Scott, who received a quarter of his Amazon stake in their divorce, ended Friday down $3.3 billion.

Facebook cofounder Mark Zuckerberg, who testified in a congressional hearing alongside Twitter’s Jack Dorsey and Google’s Sundar Pichai on October 28, is Friday’s second biggest loser. Shares of the social media giant fell 6.3% in one day, shaving $6.4 billion off Zuckerberg’s net worth. Facebook announced a slight decline in North American users on Thursday as it released its third quarter results. Despite posting revenue growth, the company shared little financial guidance for the fourth quarter or 2021. Aside from uncertainties created by Covid-19, Facebook is also facing increasing scrutiny for its moderation of political content, as the presidential election looms on November 3.

WASHINGTON, DC – OCTOBER 28: CEO of Facebook Mark Zuckerberg appears on a monitor as he testifies remotely during the Senate Commerce, Science, and Transportation Committee hearing. (Photo by Michael Reynolds-Pool/Getty Images)

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Several tech billionaires whose fortunes ballooned during the stock market recovery over the summer also saw heavy losses on Friday. Tesla’s Elon Musk, whose electric vehicle maker’s share price has more than tripled since March, is down $4.3 billion. He is now worth $87 billion. Online mortgage lender Rocket Companies’ Dan Gilbert saw shares of his firm jump nearly 75% in the first month after its August IPO, but the stock has since come down to earth. The 3.5% decline in its share price Friday dragged down Gilbert’s net worth by $1.3 billion.

Even Zoom Video Communications, the high flying video conferencing firm that saw its usage skyrocket in the work-from-home era, fell on Friday. Its shares declined nearly 6%; founder and CEO Eric Yuan, who owns 22% of the firm, lost $1.3 billion of his fortune. He’s now worth $20.2 billion. Still, that’s significantly higher than the $11 billion he was worth in late July.

A trio of tech entrepreneurs from Asia were also among Friday’s biggest losers. Former Googler Colin Zheng Huang is $1.5 billion poorer as shares of his Nasdaq listed online discounter Pinduoduo fell 4.4% in one day. The University of Wisconsin alum founded Pinduoduo in 2015; it has now grown into one of the largest ecommerce sites in China thanks to its cheap pricing and group-buying features.

Ma Huateng, also known as Pony Ma, saw his net worth drop $1.3 billion on Friday. His Hong Kong listed internet media giant Tencent has come under fire lately in the U.S., as President Trump attempted to ban its popular messaging app WeChat due to security and privacy concerns. One of the world’s richest self-made women, Zhou Qunfei, is also one of the top ten losers of the day. Shares of her smartphone glass supplier Lens Technology dropped 8.9%, a day after one of its clients, Apple, announced underwhelming iPhone sales. Zhou is now worth $15.9 billion, down $1.5 billion compared to Thursday.