Billionaires see net worth drop amid stock market turmoil
Global markets experienced major turbulence Monday
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Multiple billionaires saw their net worth shrink on Monday while the global markets experienced significant turbulence.
Amazon founder Jeff Bezos, Nvidia CEO Jensen Huang and Meta Platforms CEO Mark Zuckerberg were among the billionaires with estimated personal fortunes that posted major drops, Forbes reported.
Those companies and the other four tech giants that make up the "Magnificent Seven" experienced notable declines in their stock prices on Monday.
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More broadly, U.S. indices dropped on Monday, with the Dow Jones Industrial Average, Nasdaq Composite and S&P 500 down 2.7%, 3.7% and 3.3%, in the afternoon. Markets in other parts of the world like Asia and Europe also saw declines.
Jeff Bezos attends the 10th Annual LACMA Art+Film Gala presented by Gucci at Los Angeles County Museum of Art on Nov. 6, 2021 in Los Angeles, California. ( Axelle/Bauer-Griffin/FilmMagic / Getty Images)
The drops in Bezos, Huang and Zuckerberg’s net worths while Monday’s global market turmoil occurred amounted to $8 billion, $7.9 billion and $7 billion, respectively, at one point mid-morning, Forbes reported. The outlet's real-time tracker showed the losses had gotten smaller by the late afternoon.
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Bezos was worth $180.8 billion as of Monday afternoon, according to Forbes’ real-time tracker. Meanwhile, the outlet pegged the value of Huang and Zuckerberg at $87.7 billion and $167.3 billion.
Jensen Huang, co-founder and CEO of Nvidia Corp., gives a talk in Taipei, Taiwan. (Annabelle Chih/Bloomberg via Getty Images / Getty Images)
Other billionaires like Oracle co-founder Larry Ellison and Tesla CEO Elon Musk saw $6 billion shed from their personal fortunes Monday thanks to movement in the stock of their companies, according to the outlet.
SpaceX, Twitter and electric car maker Tesla CEO Elon Musk attends an event during the Vivatech technology startups and innovation fair at the Porte de Versailles exhibition centre in Paris, on June 16, 2023. (Joel Saget/AFP via Getty Images / Getty Images)
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Of the "Magnificent Seven" stocks, Nvidia posted the biggest decline on Monday, falling 7%.
Non-tech billionaires also experienced declines in their personal fortunes during the Monday market meltdowns, Forbes reported.
Worries about the U.S. economy and other factors helped feed the global market turbulence.