Shares of big tech companies have been driving the surge in the stock market during the pandemic. But last week heavyweights Amazon, Google and Facebook took a hit when faced with the prospect of increased regulatory scrutiny. Big tech stocks—and their founders’ fortunes—fell after two separate antitrust lawsuits were announced against Facebook this week.
Amazon CEO Jeff Bezos, Facebook CEO Mark Zuckerberg and Google’s two cofounders—Larry Page and Sergey Brin—are a combined $8.5 billion poorer in the week through Friday, December 11.
The Federal Trade Commission on Wednesday announced that it would sue Facebook for “illegal monopolization,” calling for the company to unwind its acquisitions of WhatsApp and Instagram. That same day, New York Attorney General Letitia James announced a separate antitrust lawsuit against the social media giant—joined by 47 other state and regional attorneys general—on similar grounds. Facebook’s stock dropped 3.5% since the lawsuits were announced.
HERE ARE THE BILLIONAIRES WHOSE FORTUNES DECREASED THE MOST THIS WEEK.
The net worth change is from close of markets Friday, December 4 to Friday, December 11.
1 | AMANCIO ORTEGA
NET WORTH | $74.4 BILLION, DOWN $3.1 BILLION
COUNTRY | SPAIN
SOURCE OF WEALTH | ZARA
2 | JEFF BEZOS
NET WORTH | $182.2 BILLION, DOWN $2.4 BILLION
COUNTRY | UNITED STATES
SOURCE OF WEALTH | AMAZON
3 | MARK ZUCKERBERG
NET WORTH | $100.5 BILLION, DOWN $2.2 BILLION
COUNTRY | UNITED STATES
SOURCE OF WEALTH | FACEBOOK
4 | LARRY PAGE
NET WORTH | $78.3 BILLION, DOWN $2 BILLION
COUNTRY | UNITED STATES
SOURCE OF WEALTH | GOOGLE
5 | SERGEY BRIN
NET WORTH | $76 BILLION, DOWN $1.9 BILLION
COUNTRY | UNITED STATES
SOURCE OF WEALTH | GOOGLE
5 | WANG WEI
NET WORTH | $29.6 BILLION, DOWN $1.9 BILLION
COUNTRY | CHINA
SOURCE OF WEALTH | PACKAGE DELIVERY
7 | FRANÇOIS PINAULT
NET WORTH | $45.6 BILLION, DOWN $1.8 BILLION
COUNTRY | FRANCE
SOURCE OF WEALTH | LUXURY GOODS
7 | WARREN BUFFETT
NET WORTH | $85.6 BILLION, DOWN $1.8 BILLION
COUNTRY | UNITED STATES
SOURCE OF WEALTH | BERKSHIRE HATHAWAY
9 | HE XIANGJIAN
NET WORTH | $35.3 BILLION, DOWN $1.6 BILLION
COUNTRY | CHINA
SOURCE OF WEALTH | HOME APPLIANCES
10 | SHELDON ADELSON
NET WORTH | $35.1 BILLION, DOWN $1.5 BILLION
COUNTRY | UNITED STATES
SOURCE OF WEALTH | CASINOS
