A very bad week for millennial tech billionaires, Beijing aims for a “simple and splendid” Olympics launch, and why you need a six-month haircut. Here are a few of the things we’ve been thinking about in Australia this week.
Not an outstandingly good week for some of the world’s tech giants, all things considered. Facebook’s parent company Meta Platforms plunged 26% on Wednesday, making stock-market history by wiping out more than $250 billion of market value in an instant with the news that it may finally have run out of people to join its social network. As if the growing artist boycott over Joe Rogan’s podcast wasn’t trouble enough, Spotify also slumped after forecasting a slowdown in growth, falling far enough to cut a full $1 billion off CEO Daniel Ek’s personal net worth. Zuck meanwhile dropped off the world’s top 10 richest list, with the 37-year-old’s net worth down to a mere $92 billion after all the market excitement. (Not everyone is having a bad time, though: Amazon jumped 14% after hours following its earnings report).