Elon Musk's wealth drops $15bn as tech stocks plunge

Other billionaires including Mark Zuckerberg and Jeff Bezos also suffered losses

Where will Elon Musk rank on the list of world billionaires next week? Reuters

The richest US tech moguls lost tens of billions in collective wealth as technology stocks tumbled amid fears of inflation and economic tightening.

Elon Musk’s net worth fell by $15.2 billion on Friday — the most among tech billionaires — after Tesla shares extended losses.

That leaves Mr Musk’s fortune at $268.9bn, which is still up 72 per cent for the year, the Bloomberg Billionaires Index showed.

Jeff Bezos’s net worth dropped by $2.7bn as shares of Amazon declined 1.4 per cent in New York, while Oracle co-founder Larry Ellison saw his fortune fall $2.6bn.

Mark Zuckerberg’s wealth dropped $1.3bn to $114.7bn with his recently rechristened Meta Platforms on the cusp of a bear market after an almost 20 per cent fall from its recent peak.

Markets are still reacting to higher inflation and the likelihood that the Federal Reserve will push forward with faster tapering of asset purchases.

The top 10 US technology billionaires combined hemorrhaged $27.4bn in wealth, the index showed.