It Was A Bad Day For The Nation's Top Tech Giants
By Bill Strange
October 11, 2018
The world's richest man is down $9,000,000,000 after an abysmal day on Wall Street. Amazon's Jeff Bezos is just one of the leaders of tech companies who lost a lot of money Wednesday as the market took a major downturn. Amazon's stock fell more than 6%. Six other tech billionaires who rank among the top 20 richest people in the world also lost almost $12,000,000,000 in value combined. That includes Google's co-founders Larry Page and Sergey Brin as well Mark Zuckerberg of Facebook. Analysts say the market is reacting to a number of factors, including higher interest rates and the escalation of a trade war with China. Tech stocks have taken the hardest hit and they are dragging down everything else. The Dow Jones Average lost more than 800-points on Wednesday.