$10 billion in one day (X/@elonmusk, X/@JeffBezos)
Viral News: Top US billionaires, including Amazon’s Jeff Bezos, SpaceX’s Elon Musk, and Meta’s Mark Zuckerberg, collectively lost over 10 billion Dollar on Monday due to market fluctuations, primarily driven by significant changes in Meta’s stock holdings. The losses signal rising market instability and investor uncertainty, with major players feeling the impact.
On January 10, Meta CEO Mark Zuckerberg sold 8 million Dollar worth of shares in Meta, the parent company of Facebook and Instagram, using a pre-arranged trading strategy set by his Chan Zuckerberg Initiative. Despite Meta’s 63% return over the past year and a market value of 1.54 trillion Dollar , Zuckerberg faced a 5.8 billion Dollar decline in his net worth, which now sits at over 204 billion Dollar, as per Forbes estimates.
Other tech giants were not spared from the market downturn. Amazon’s Jeff Bezos lost 1.4 billion Dollar , reducing his net worth to 417 billion Dollar, while Elon Musk of SpaceX and Tesla saw a 3.5 Dollar billion decline, bringing his net worth to 231 billion Dollar . The changes in stock values of their companies were the primary cause of these losses.
Kevin Thompson, CEO of 9i Capital Group, attributes the billionaire losses to rising interest rates, which increase the cost of holding higher-risk assets like tech stocks. As interest rates rise, risk-free alternatives such as bonds become more attractive, lowering the valuations of stocks and affecting billionaires' net worth.
The possibility of a TikTok ban in the US could have significant implications for social media companies like Meta. If TikTok is banned, Meta could see an increase in market share as users and advertisers shift to its platforms, potentially offsetting some of the financial challenges faced by Zuckerberg and other tech giants.
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