Elon Musk’s wealth plummets by R245bn as tech stocks plummet

America’s richest tech moguls have lost tens of billions of collective wealth as tech stocks tumbled amid fears of inflation and economic tightening.

Elon Musk’s net worth fell by $ 15.2 billion (roughly Rand 245 billion) on Friday, the most among tech billionaires, after Tesla shares extended their losses. That leaves Musk’s fortune at $ 268.9 billion (about R4.3 trillion), which is still up 72% on the year, according to the Bloomberg Billionaires Index.

Jeff Bezos’ net worth fell $ 2.7 billion as Inc. shares fell 1.4% in New York City, while Oracle Corp. co-founder Larry Ellison saw his fortune plummet at 2.6 billion dollars.

Mark Zuckerberg’s wealth fell from $ 1.3 billion to $ 114.7 billion with his recent name change Meta Platforms Inc. on the cusp of a bear market after falling nearly 20% since its recent peak.

Markets continue to react to rising inflation and the likelihood that the Federal Reserve will accelerate the reduction in asset purchases.

America’s 10 largest tech billionaires have suffered a $ 27.4 billion hemorrhage, according to the index.

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