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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.