Tech tycoons' fortunes lose $ 44 billion in a week

The fortunes of the tech industry tycoons around the world suffered severe losses during the past week, as US stocks fell to their lowest level in three months, especially the shares of technology companies, after a long and strong series of gains.

Investors are wary of overvaluation

And according to Bloomberg News, the big price fortunes in the technology sector have lost $ 44 billion of their value over the past week, with US stocks falling to their lowest level in three months due to investor fears of overvaluation.

Bezos loses $ 9 billion

Amazon.com founder Jeff Bezos led the losses, as his fortune lost $ 9 billion as the online retail giant's shares fell to their lowest level since June.

Elon Musk's net worth decreased by $ 8.5 billion as Tesla's share approached the "bear market" region and posted its third consecutive daily decline.

Bill Gates lost $ 2.9 billion, Mark Zuckerberg lost $ 4.2 billion, Google co-founder Larry Page lost $ 3.6 billion, and Jack Ma was the smallest loser with a loss of $ 1.6 billion.

Rapid transformation in wealth values

Bloomberg news agency said the shift in fortunes highlights the ephemeral nature of paper wealth, especially in a high-rise market that at times appears disconnected from economic realities.

Even as the pandemic caused record pains to economies around the world, shrinking workforces and exacerbated hunger, the world's richest people made extraordinary gains in personal wealth over the past month.

Musk and Mark Zuckerberg's fortune exceeded $ 100 billion, with a daily rise of $ 4 billion due to the rise in shares of "Tesla" and "Facebook."

Investors have flocked to technology stocks this year as corporate products benefit from the online shift of home-stuck consumers.

Even after taking into account the downturn in the markets on Thursday, the wealth of the 500 richest people combined will have increased by $ 830 billion this year, according to the Bloomberg Billionaires Index, and the biggest winner is Bezos, whose fortune increased by $ 83 billion and then held an increase of $ 69 billion.