Tech billionaires are bracing for another day of hits to their triple-comma fortunes as a market rout that wiped billions off their wealth looked set to continue into Thursday trading.
The Dow Jones fell by more than 800 points on Wednesday, its largest drop in seven months. It was the worst day for tech companies in seven years, CNBC reported.
Amazon CEO Jeff Bezos lost $9.1 billion in one day, just one week after being crowned the richest man in America, with a net worth of $160 billion, according to Forbes.
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Amazon stock fell 6.15 percent on Wednesday, closing at $1,755.25 per share.
Other tech industry billionaires also saw their wealth drastically reduced, according to Forbes real time rankings.
Gates lost $1.8 billion of his worth, Facebook CEO Mark Zuckerberg lost $2.4 billion, Alibaba founder Jack Ma saw his fortune reduced by $1.1 billion, and Softbank’s Masayoshi Son took a $2.7 billion hit. Google co-founders Larry Page and Sergey Brin had lost $2.2 billion and $2.1 billion each by the end of the day.
The market plunge was fueled by investor fears of tighter borrowing after a rise in rates. The Federal Reserve has hitched up its benchmark rate three times this year, and the mortgage rate hit 5 percent this week, its highest level since 2011.
Although the White House categorized Wednesday’s trading as "probably healthy,” President Donald Trump later lambasted the Federal Reserve for its series of interest rate hikes.
As he headed to a rally in Pennsylvania on Wednesday evening, Trump told reporters: “I think the Fed is making a mistake. They are so tight. I think the Fed has gone crazy.”
Global markets fell overnight and Dow Jones futures were down 300 points in premarket trading on Thursday morning, with the S&P and tech-heavy Nasdaq trailing by almost 1 percent each.