Falling tech stocks and cryptocurrencies have seen some of the world's richest people take a hit over the past week, Bloomberg reports The Independent.
Tesla and SpaceX founder Elon Musk lost $25.1 billion, Amazon's Jeff Bezos lost $20 billion, Binance's Changpeng Zhao lost $17.7 billion, and Facebook's Mark Zuckerberg lost $10.4 billion. being in the worst position, according to Bloomberg.
This has been the worst week for the stock market since the crash at the start of the pandemic.
Big companies have been hit: Peloton has fallen below its IPO price and Netflix has suffered its sharpest drop in a decade. Shares of chipmakers also fell.
As of Friday's close, the technology-focused Nasdaq was down 7.6% on the week, its biggest drop since March 2020. This is also the index's fourth weekly drop in a row, the longest drop in nine months.