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COMMENTARY OF THE DAY
by
Robert Namer
Voice Of America
info@webnetinfo.com
©2018 All rights reserved.

NOVEMBER 23, 2018

     It's time that tech players pay their dues. Stocks are tanking, and the tech world's richest executives are losing billions. Amazon, Apple, Facebook and Google are getting hammered as investors sell their shares and retreat into safer territory. The founders, CEOs and top investors in those companies are losing money quickly. Amazon CEO Jeff Bezos has lost roughly $42 billion since his net worth and peaked in early September at $168 billion, according to the Bloomberg Billionaires Index. Amazon's stock (AMZN) has dropped more than 25% since then and is currently trading around $1,500 a share, leaving Bezos with a $126 billion nest egg.

     On Tuesday, Bezos and wife MacKenzie donated $100 million to two non profits that aim to end homelessness in America.  It's part of the pair's pledge to donate $2 billion to fund existing nonprofits that help homeless families and to create a network of preschools in low-income communities. Chump change. Facebook CEO Mark Zuckerberg's wealth is also taking a beating. He's lost roughly $34 billion from his peak worth in late July and is now worth $52 billion. He ranks as the seventh richest person in the world. Facebook has been rocked this year with a cascading series of problems, including a proliferation of hate speech on its platform, Russian political interference and the Cambridge Analytica data privacy scandal. Facebook's (FB) stock has lost 40% of its value since July and is currently trading around $130 a share. The company continues to struggle with executive departures and damaging exposés.
 
 

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