Robert Prechter, author of The Socio-Economic Theory of Finance, analyzes today’s economic environment in “Cavuto: Coast to Coast.”
Several billionaires saw their net worths fall on Monday amid major turmoil in global markets.
Amazon founder Jeff Bezos, Nvidia CEO Jensen Huang and Meta Platforms CEO Mark Zuckerberg were among the billionaires who saw their estimated personal wealth fall sharply. Forbes magazine reported..
Shares of these companies and the four other tech giants that make up the “Magnificent Seven” fell sharply on Monday.
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More broadly, U.S. stock indexes fell on Monday, with the Dow Jones Industrial Average, the Nasdaq Composite and the S&P 500 all down 2.7%, 3.7% and 3.3%, respectively, by afternoon. Markets in other parts of the world, including Asia and Europe, also fell.
Jeff Bezos attends the 10th Annual LACMA Art + Film Gala Presented by Gucci at Los Angeles County Museum of Art on November 6, 2021 in Los Angeles, California. (Axel/Bauer-Griffin/FilmMagic/Getty Images)
During Monday’s global market turmoil, Messrs. Bezos, Huang and Zuckerberg’s net worths fell by $8 billion, $7.9 billion and $7 billion, respectively, at one point in the morning, according to Forbes magazine, though the losses were shrinking by late afternoon, the magazine’s real-time tracker showed.
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Bezos was worth $180.8 billion as of Monday afternoon, according to Forbes’ real-time tracker, while Forbes estimates Huang and Zuckerberg’s net worth at $87.7 billion and $167.3 billion, respectively.
Nvidia Corp. co-founder and CEO Jensen Huang speaks in Taipei, Taiwan. (Annabel Chee/Bloomberg via Getty Images/Getty Images)
Other billionaires, including Oracle co-founder Larry Ellison and Tesla CEO Elon Musk, also saw their personal wealth fall by $6 billion on Monday due to fluctuations in their company stocks, according to the publication.
Elon Musk, CEO of SpaceX, Twitter and electric car maker Tesla, attend an event at VivaTech, a tech startup and innovation fair, at the Porte de Versailles exhibition center in Paris on June 16, 2023. (Joel Saget/AFP via Getty Images/Getty Images)
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Of the “Magnificent Seven” stocks, Nvidia saw its biggest fall on Monday, falling 7%.
Forbes magazine reported that non-tech billionaires also saw their personal wealth fall in Monday’s market crash.
Concerns about the U.S. economy and other factors added to the turmoil in global markets.
