The Strategist

Total wealth of four IT giants founders falls by nearly $9B in a week

12/14/2020 - 03:41

It has been a difficult week for the founders of major IT companies. The threat of proceedings with the US authorities caused their shares to slide after weeks of gains, and the total capital of Amazon and Facebook executives and Google founders fell by almost $10bn.

Anthony Quintano
Anthony Quintano
The combined fortune of the four founders of IT companies - Mark Zuckerberg, Jeff Bezos, Larry Page and Sergey Brin - has fallen by $8.5bn in a week, American Forbes has calculated. The reason was the fall in shares of the technology giants, which form the basis of the capital of these billionaires: Amazon, Facebook and Google.

The fortune of Jeff Bezos, CEO of Amazon and the richest businessman in the world according to Forbes reduced by $2.4 billion, to $ 182.2 billion; the wealth of Facebook CEO Mark Zuckerberg was $2.2 billion less ($100.5 billion) at the end of the last week. The fortunes of Google co-founders Larry Page and Sergey Brin fell by $2bn and $1.9bn, to $78.2bn and $76bn, respectively, Forbes USA reported.

The US Federal Trade Commission (FTC) said on December 9 that it had sued Facebook for "unlawful monopolisation". The watchdog believes that the social network has maintained its leadership for years by stifling competition. The commission considers the purchase of Instagram in 2012 and WhatsApp in 2014 to be evidence of this. Among other things, the FTC is seeking through the courts the sale of some of Facebook’s assets, including WhatsApp and Instagram. Facebook called it a revision of history and an attack on services bought with the consent of antitrust regulators. On the same day, a separate lawsuit against the social network was filed by the New York attorney general along with 47 other prosecutors, also against Facebook's "illegal monopoly".

The authorities' focus on the tech sector has slowed the stock market's rise. The S&P 500 index (which includes the largest US companies by capitalisation) and the "industrial" Dow Jones index were both down for the first time in three weeks, by 1% and 0.6% respectively, in five days of trading. "Technology" index Nasdaq was down 0.7%. Facebook shares recorded a 2.2% drop on Friday night, Alphabet (Google's parent company) shares sank 2.7% and Amazon securities fell 1.5%.

This week, the wealth of Tesla CEO Elon Musk surpassed that of Europe's richest man Bernard Arnault. Thus, the American businessman reached No.2 in Forbes' list of the world's richest people.