Big tech's massive losses this week had led to the tech bros taking a massive hit to their personal fortunes.
Tech giants lost a whopping $560 billion in market value this week after disastrous earnings season for the mega cap companies that was led by Amazon (AMZN). Microsoft (MSFT) , Alphabet (GOOGL) and Meta Platforms (META) were all disappointing, while Apple (AAPL) warned it was still impacted greatly by supply chain disruptions.
Facebook's parent company Meta (META) has faced challenges as companies have pulled back on digital advertising, increased competition from social media company TikTok and more skepticism about the future of the Metaverse.
Meta's one-day 24% stock decline on Oct. 27 pushed the social media company's market cap to decline to $274 billion, plunging 12 spots to be the 25th largest public company in the world.
The market value of key members of Big Tech collapsed in one week, which also cost the founders and CEOs of these companies billions of dollars in net worth.
A Loss of $88 Billion Since January
Mark Zuckerberg, CEO of Meta, led the drop in the wealth of tech bros. He lost $11.2 billion in one day as of Oct. 27, according to the Bloomberg Billionaires Index. He has fallen to the 28th spot and has lost $87.8 billion of his net worth year-to-date, leaving his total fortune to be valued at $37.7 billion.
With Amazon losing $240 billion in valuation, founder Jeff Bezos remains the third richest man with a net worth valued at $134 billion, but the tech billionaire's fortune declined by $4.68 billion in one day with a year-to-date decline of $58.4 billion.
Microsoft's market cap dropped by $115 billion, which led to former CEO Bill Gates losing $223 million in one day as he remains the fifth wealthiest person. His losses so far this year total $28.7 billion, but his fortune is still worth $109 billion.
Alphabet saw its valuation fall by $116 billion, leading to losses for the company's founders, Larry Page and Sergey Brin.
The eighth wealthiest person, Page, former CEO of Google and Alphabet, is now worth $86 billion after losing $1.92 billion in one day and $42.4 billion so far this year.
Brin, who served as president of Alphabet and is now the 10th wealthiest person with a net worth of $82.4 billion, amassed a loss of $1.82 billion within one day and $41.1 billion year-to-date
