{"id":43651,"date":"2023-08-02T17:21:03","date_gmt":"2023-08-02T21:21:03","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/worlds-10-richest-people-lose-27-billion-as-tech-stocks-sink\/"},"modified":"2023-08-02T17:21:05","modified_gmt":"2023-08-02T21:21:05","slug":"worlds-10-richest-people-lose-27-billion-as-tech-stocks-sink","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=43651","title":{"rendered":"World’s 10 Richest People Lose $27 Billion As Tech Stocks Sink"},"content":{"rendered":"
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Topline<\/h2>\n

Tech stocks suffered their widest losses in months Wednesday as a debt downgrade spooked investors out of riskier assets, causing the fortunes of numerous ultra-rich tech billionaires to take a major hit.<\/p>\n

Key Facts<\/h2>\n
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The Nasdaq Composite tanked 2.3% by 3:40 p.m. ET, its worst day since February 21; the higher-growth grouping faltered as concerns about the U.S.\u2019 macro conditions mounted.<\/p>\n<\/p><\/div>\n

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Driving the losses were the seven mega-cap tech stocks which largely contributed to the market\u2019s blockbuster gains throughout 2023, as Apple (down 1.6%), Microsoft (down 2.7%), Alphabet (down 2.5%), Amazon (down 2.7%), Nvidia (down 4.9%), Meta (down 2.9%) and Tesla (down 2.8%) each fell.<\/p>\n<\/p><\/div>\n

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Thanks to the slide, the 10 richest people on the planet lost $26.7 billion collectively, with each top-10 magnate in the red on the day, according to Forbes<\/em>\u2019 real-time net worth tracker.<\/p>\n

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Tesla CEO Elon Musk, the world\u2019s richest man, became nearly $5 billion poorer, suffering the biggest hit to his fortune of anyone Wednesday.<\/p>\n<\/p><\/div>\n

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Amazon founder Jeff Bezos, Meta CEO Mark Zuckerberg, Alphabet cofounders Larry Page and Sergey Brin and Oracle chairman Larry Ellison also grew billions of dollars less wealthy Wednesday but still rank among the 10 richest people on the planet.<\/p>\n<\/p><\/div>\n<\/div>\n

Key Background<\/h2>\n

The stock slump came after Fitch downgraded its rating for some of the U.S.\u2019s long-term debt offerings from AAA to AA+, one of the only such debt rating revisions in recent history. The Dow Jones Industrial Average and S&P 500 each fell about 1% in Wednesday trading in response, but various economists and analysts stated Fitch\u2019s update should not significantly impact equity performance. The slip in confidence in the federal government\u2019s ability to pay back its debt comes amid a turbulent political and economic climate in the U.S.<\/p>\n

Tangent<\/h2>\n

Following an initial hiccup after the S&P ratings agency downgraded its credit grade for the U.S. in 2011, stocks continued to gain, LPL Financial\u2019s chief fixed income strategist Lawrence Gillum noted Wednesday. The Dow fell 3% in the month after the S&P\u2019s August 2011 announcement but recovered to a 7% gain compared to its pre-downgrade level by year\u2019s end. \u201cThe U.S. remains the safe haven during times of market stress and the downgrade will likely not change that,\u201d according to Gillum.<\/p>\n

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Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Topline Tech stocks suffered their widest losses in months Wednesday as a debt downgrade spooked investors out of riskier assets, causing the fortunes of numerous ultra-rich tech billionaires to take a major hit. Key Facts The Nasdaq Composite tanked 2.3% by 3:40 p.m. ET, its worst day since February 21; the higher-growth grouping faltered as […]<\/p>\n","protected":false},"author":1,"featured_media":43652,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-43651","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets","tag-featured"],"yoast_head":"\nWorld's 10 Richest People Lose $27 Billion As Tech Stocks Sink | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Topline Tech stocks suffered their widest losses in months Wednesday as a debt downgrade spooked investors out of riskier assets, causing the fortunes of\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=43651\" \/>\n<meta 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