Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Silicon Valley’s Rich Lose $11.5 Billion in Tech Selloff

The technology stock selloff of the past week has come with a price tag for Silicon Valley’s richest: $11.5 billion.

That’s how much the 23 wealthiest billionaires who derived most of their fortunes from West Coast technology companies have lost since the market closed on April 2, as investors ditched the stocks. Facebook Inc.’s Mark Zuckerberg, Inc.’s Jeff Bezos, Oracle Corp.’s Larry Ellison and Microsoft Corp.’s Bill Gates each lost more than $1 billion in four days of trading, according to the Bloomberg Billionaires Index.

While technology stocks reversed direction by rising yesterday, investors have been pulling out of the shares for much of the year in favor of companies with stable dividends and earnings. Caterpillar Inc. is up 13 percent so far this year, while microblogging service Twitter Inc. is down 34 percent and online retailer Amazon has slumped 18 percent. The technology-heavy Nasdaq 100 Index fell the most in two years on April 4.

“Investors need something to sink their teeth into,” Jack Ablin, who helps manage $66 billion in assets as chief investment officer at Chicago-based BMO Private Bank, said in a phone call. “A lot of tech companies don’t have anything tangible to offer.”

Wealth Declines

Any losses from the selloff are so far outweighed by the gains that technology stocks made in the last year. Google Inc. hit a record of $610.68 on Feb. 26 after soaring 58 percent in 2013. Facebook this year became the fastest-ever company to reach a $150 billion market value after more than doubling in 2013 and reaching an all-time high of $72.03 on March 10.

Ten of the 23 richest Silicon Valley billionaires are co-founders, executives or investors in Facebook, the world’s largest social network, so the group was the most hit by stock declines in the last week, according to data compiled by Bloomberg. They lost $4.2 billion in total since the market close on April 2.

Among those was Chief Operating Officer Sheryl Sandberg and the social network’s co-founders, Dustin Moskovitz and Eduardo Saverin, who each lost more than 7 percent of their wealth. Chief Executive Officer Zuckerberg lost $1.9 billion and is the 23rd-richest person on earth with a net worth of $26.2 billion.

Jan Koum, CEO of messaging company WhatsApp Inc., which is being acquired by Facebook, saw his net worth decline 5.5 percent to $6.2 billion.

Biggest Hit

The Silicon Valley billionaire whose wealth dropped the most over the selloff period was Dave Duffield, co-CEO of software company Workday Inc. His net worth plunged 11 percent to $6.7 billion, according to data compiled by Bloomberg.

For many of the technology billionaires, a decline of more than $1 billion was just a drop in the bucket. Gates, a Microsoft co-founder, saw his wealth fall $1.1 billion in the past few days. Yet he remains the world’s richest person, with a $78.9 billion net worth, according to the Bloomberg Billionaires Index.

Tucker Bounds, a spokesman for Facebook in Menlo Park, California, declined to comment, as did Deborah Hellinger, a spokeswoman for Oracle, and Eric Glass, a spokesman for Workday. John Pinette, a spokesman for Gates, also declined to comment.

Leslie Miller, a spokeswoman for Google in Mountain View, California, and Mary Osako, a spokeswoman for Amazon in Seattle, didn’t return requests for comment.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.