Shares tumbled on Friday amid growing fears of a US recession after the Federal Reserve failed to issue interest rate cuts.
Amazon founder Jeff Bezos — who is second only to Elon Musk on Forbes’ list of billionaires — was the biggest loser as his net worth shrank by $23 billion since the rout began Friday.Bezos’ fortune fell $6.4 billion after suffering a $17 billion decline Friday, — but still leaving him with a net worth valued at $180.7 billion, according to Forbes.
Bezos has been offloading his stash of Amazon shares this year. He sold $8.5 billion worth of Amazon shares throughout February andChinese-made humanoid robots raise alarms in Congress: 'Stealth army on our land'That was a shade better than the $4.9 billion decline to Tesla and SpaceX founder Musk’s bottom line.
Google co-founders Sergey Brin and Larry Page each lost around $6 billion as of Monday, according to Forbes. Larry Ellison, co-founder of software company Oracle, saw his wealth spike $3 billion overnight, before crashing on Monday – losing the new gains, plus another $3 billion, according to Forbes.The July report showed the economy created 114,000 new jobs last month, well below analysts’ estimates of 175,000 new positions.The disappointing report, combined with the Fed’s reluctance to cut rates and doubts surrounding the tech industry, rattled the stock market.
Restaurateur's new Hamptons hotspot raided nearly every day it's been open in 'vendetta' by town's infamous noise police: sourcesChinese-made humanoid robots raise alarms in Congress: 'Stealth army on our land'Jennifer Garner gives a glimpse of intense training to get ‘Marvel fit’ for ‘Deadpool & Wolverine’ cameo
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