Billion of dollars have been wiped off the value of US tech giants, shrinking the net worth of some of the world’s richest people, Sun Online reports.
Amazon founder Jeff Bezos, Facebook’s Mark Zuckerburg and Google chiefs Larry Page and Sergey Brin lost a combined $6.6bn on Friday.
Facebook golden boy Zuckerberg lost $2bn of his personal net worth on Friday.
Amazon founder, Jeff Bezos , dropped from second to third richest person as tech stocks crashed
Nasdaq, the American exchange where nearly all of the world’s biggest web and hardware firms base have their stocks, fell more than three per cent.
It is the biggest fall in its value in 14 months.
Analysts say the drop is also a result of traders worrying that tech mega-companies have reached their peak values.
Dan Morgan, senior portfolio manager at Synovus Trust, told Sky News: “Tech stocks have done so well, have made such a big move, and people are asking ‘How much better can it get for them?’”
Valued at £65.8bn, he is behind Microsoft founder Bill Gates on £70bn, and Zara fashion boss Amancio Ortega on £66.4bn.
Zuckerberg is worth £50.2bn, Page £37.7bn and Brin £36.9bn.
Stephen Massocca, senior vice president at Wedbush Securities in San Francisco, said: “All you need is a spark. Everything has gotten pretty expensive, multiples are very high.
“It doesn’t take much to get a decline started”.