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October was a rough month for billionaires in the tech sector, who saw their net worth plummet as stocks took a hammering.
According to Bloomberg data, the CEOs and founders of the most popular tech companies “FAANG+BAT” lost $ 61 billion in October.
The tech-heavy Nasdaq index plunged 9.2%, posting its worst month since the financial crisis.
And among the hardest hit were the “FAANG+BAT” stocks — Facebook (-7.7%), Apple (-3.1%), Amazon (-20.2%) Netflix (-19.3%), Google (-9.8%), Baidu (-16.9%), Alibaba (-13.6%) and Tencent (-14.1% in Hong Kong).
The list below provides details of the estimated net worth of some of tech’s richest CEOs and founders:
Reed Hastings — CEO and cofounder of Netflix
Rank on Bloomberg Billionaire’s Index: 463
Net worth on October 31: $ 3.9 billion (-19% from $ 4.8 billion at the end of September)
Holdings in Netflix: $ 1.7 billion
Robin Li — CEO and cofounder of Baidu
China Photos/Getty Images
Rank on Bloomberg Billionaire’s Index: 82
Net worth on October 31: $ 13.6 billion (-16% from $ 16.1 billion at the end of September)
Holdings in Baidu: $ 13.4 billion
Laurene Powell Jobs — wife of the late Apple cofounder Steve Jobs
Rank on Bloomberg Billionaire’s Index: 35
Net worth on October 31: $ 21 billion (-3% from $ 21.6 billion at the end of September)
Holdings in Apple: $ 8.5 billion
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