Home / News / World /  Mark Zuckerberg and Jeff Bezos combined one-day wealth loss: A whopping 1.3 lakh crore

American billionaires Jeff Bezos and Mark Zuckerberg witnessed a sharp fall in their net worth in a day on Thursday, dragged by the fall in Amazon and Meta's shares which erased around $16 billion ( 1.3 lakh crore) from the two billionaires' fortunes combined.

Mark Zuckerberg’s fortune plunged by over $11 billion to $37.7 billion, according to the Bloomberg Billionaires Index, after his Meta Platforms Inc. reported a second-straight quarter of disappointing earnings, bringing his total wealth loss to more than $100 billion in just 13 months. Zuckerberg is co-founder and chief executive of Meta Platforms, the company behind Facebook. The majority of Zuckerberg's fortune is derived from a 13% stake in Meta Platforms,

Zuckerberg, 38, has seen his net worth fall from a peak of $142 billion in September 2021. While many of the world’s richest people have seen their fortunes tumble this year, Meta’s chief executive officer has seen the single-biggest hit among those on the wealth list.

Jeff Bezos also witnessed an erase from his fortune after Amazon.com Inc. projected sluggish sales for the holiday shopping season, sending shares plunging in after-hours trading. Bezos net worth dropped by about $5 billion to $134 billion as of October 28, 2022.

Jeff Bezos is the founder of Amazon, the world's biggest online retailer. The Seattle-based company sells electronics, household goods and other products through its flagship website. He also owns space exploration company Blue Origin.

The stock fell as much as 21% after the market closed Thursday. If that drop carries into Friday’s session, the Amazon founder’s wipeout would be the fifth-largest one-day decline in wealth on record, according to the Bloomberg Billionaires Index.

Soaring US Treasury rates and the highest inflation in decades have been weighing heavily on the stocks of technology companies. The Nasdaq 100 Index has fallen 32% from last year’s peak amid rising risks to economic growth from supply chain snarls and Covid-19 lockdowns in China to the war in Ukraine.

The Bloomberg Billionaires Index is a daily ranking of the world’s richest people. The figures are updated at the close of every trading day in New York.

(With inputs from Bloomberg)


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