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Musk, Bezos, Gates lose billions in net worth in tech downturn
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Three big-name tech billionaires have been hit with sizable blows to their net worth as the technology sector has soured in recent days.
The tech-heavy Nasdaq sank 4% on Monday, making the total decline approximately 10% since the Federal Reserve announced continued hikes of half percentage points on interest rates.
Tesla CEO Elon Musk, Amazon founder Jeff Bezos and Microsoft founder Bill Gates are often ranked as the three most wealthy private individuals in the world – and all three have been hurt by recent market developments.
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Musk lost approximately $12.8 billion Monday, according to the Dow Jones Market Data Group. Bezos' net worth fell $5.97 billion, and Gates lost $1.05 billion.