Thursday, April 18

Tech Lords Lost A Fortune In Today’s Wipeout

[dropcap]T[/dropcap]he billionaire founders of the top tech giants- Facebook Inc, Amazon Inc, Netflix and Google’s owner Alphabet Inc lost a fortune of $7.6 billion net on Wednesday as the Nasdaq 100 suffered the worst drop in the past three months.

Among these the company that suffered the most was Facebook, whose founder Mark fell $2.6 billion alone as per the source Bloomberg.

This drop also affected Amazon founder Jeff Bezos that caused him to slip below the $100 billion figure which he recently acquired, breaking Bill Gates record of 1999. The shares of Inc tumbled $2.5 billion off his net worth.

The American entertainment company Netflix founder Reed Hastings fell $133 million while multinational conglomerate Alphabet Inc founder Larry Page and Sergey Brin around $1 billion each.

The decline in FANG stocks came after traders flocked to firms seen benefiting more from a potential reduction in the corporate-tax rate. The technology stocks were seen not paying much in terms of effective tax which is just 18.5 percent, third-lowest among U.S. large caps, according to S&P Global data. This means less potential bounty should the Republican legislation move through Congress.


(With inputs from Bloombberg)