Tech stocks slump hits founders' wealth
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by Tom Metcalf and Jack Witzig
The billionaire founders of Facebook Inc., Amazon.com Inc., Netflix Inc. and Google owner Alphabet Inc. saw $7.6 billion wiped from their fortunes Wednesday as the Nasdaq 100 suffered its worst drop in three months.
Facebook’s Mark Zuckerberg fell the most, dropping $2.9 billion on the Bloomberg Billionaires Index, while Jeff Bezos’s short-lived reign as the $100 billion man ended after a tumble in Amazon.com Inc. shares knocked $2.5 billion off his net worth.
Alphabet’s Sergey Brin and Larry Page fell almost $1 billion each, while Netflix’s Reed Hastings shed $133 million.
The decline in the so-called FANG stocks came after traders flocked to firms seen benefiting more from a potential reduction in the corporate-tax rate. Technology stocks enjoy an 18.5 percent effective-tax rate -- the third-lowest among U.S. large caps, according to S&P Global data -- which means less potential bounty should the Republican legislation move through Congress.
Copyright Bloomberg 2017
The billionaire founders of Facebook Inc., Amazon.com Inc., Netflix Inc. and Google owner Alphabet Inc. saw $7.6 billion wiped from their fortunes Wednesday as the Nasdaq 100 suffered its worst drop in three months.
Facebook’s Mark Zuckerberg fell the most, dropping $2.9 billion on the Bloomberg Billionaires Index, while Jeff Bezos’s short-lived reign as the $100 billion man ended after a tumble in Amazon.com Inc. shares knocked $2.5 billion off his net worth.
Alphabet’s Sergey Brin and Larry Page fell almost $1 billion each, while Netflix’s Reed Hastings shed $133 million.
The decline in the so-called FANG stocks came after traders flocked to firms seen benefiting more from a potential reduction in the corporate-tax rate. Technology stocks enjoy an 18.5 percent effective-tax rate -- the third-lowest among U.S. large caps, according to S&P Global data -- which means less potential bounty should the Republican legislation move through Congress.
Copyright Bloomberg 2017
