Tesla’s Elon Musk Leads Big Group Of Billionaire Losers As Stocks Are Hammered:
tocks fell broadly this week, as a series of disappointing announcements by companies collided with investor fears of inflation-driven interest rate hikes.
One day earlier, Peloton’s shares crashed by more than 20%, after CNBC reported the at-home exercise equipment company is planning to suspend production to better align with consumer demand. It was the latest in a series of let downs for cofounder and CEO John Foley, who briefly became a billionaire at the height of the pandemic – his net worth has since plummeted to roughly $480 million from $1.5 billion last April.
Another big loser: Moderna’s CEO Stéphane Bancel whose net worth dropped by 22% to $5.2 billion, as the stock fell for six days straight, Tech stocks overall were particularly hard hit by looming interest rate increases. Each of the three main stock indices fell by more than 4% this week, but the NASDAQ’s 7%+ drop was the steepest. Hit particularly hard were SnapChat cofounders Evan Spiegel and Bobby Murphy, whose fortunes both slipped by more than 10% this week – or nearly $1 billion apiece.
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