The collective wealth of the 10 wealthiest tech billionaires in the industry just dropped by $44 billion. According to Bloomberg’s Billionaires Index, Amazon CEO and founder Jeff Bezos saw the biggest drop in individual wealth, losing $9 billion.
Elon Musk, Bill Gates, and Mark Zuckerberg also saw a drop, at $8.5 billion and $4.2 billion, respectively.
Musk, Zuckerberg, and Gates are centibillionaires (meaning they have a net worth of at least $100 billion each,) and these losses are all fractions of their overall net worth. For example, Bezos’ net worth dropped by 4.5%.
Their drop in net worth comes after a strong start to 2020 for tech companies, as customers around the world turned to online retailers and services during quarantine. The market continued to rally, but concerns over the companies’ overextended valuations led to a large tech sell-off this week that saw the Dow plunged 740 points on Thursday, putting an end to an 11-day hot streak.
Even after these losses, the 10 billionaires on this list still have a collective net worth of $830 billion.
Most interestingly, MacKenzie Scott also experienced a loss — seeing her net worth drop by $3.2 billion — after officially becoming the world’s richest woman following her divorce from Jeff Bezos in 2019.
This drop in wealth is echoed as the coronavirus pandemic has shed light on wealth inequality in the US, as one in five Americans are facing eviction in September, and food banks face increasing demand.