You might be nursing some losses in your stock portfolio.
But at least you didn’t lose $1 billion, right?
The company stock fortunes of some of the richest entrepreneurs in America got skinned over the last two weeks, as stocks sank to a two-month low and talk picked up that a correction was in the works.
Amazon’s Jeff Bezos lost $4 billion alone, on paper at any rate. Google CEO Larry Page lost $1.4 billion, as did Google co-founder Sergey Brin. Facebook CEO and founder Mark Zuckerberg gave up $772 million.
USA Today estimated the value of their holdings based on SEC filings, FactSet ownership data, and their companies’ stock prices from July 24, when the S&P 500 SPY hit a high, to the close of Aug. 7. Stocks recovered some lost ground in Friday’s 1% rally.
For those companies with more than one share class — namely Google (which has three) and Facebook (two), the values of the non-traded stock were based on the price of the tradable shares.
Few of the tech stocks that have been leading the market were immune from the stock selloff over the last two weeks, which came on the heels of a generally well-received earnings season.
Investors ate up earnings from Facebook FB, Google GOOG, and especially Twitter TWTR. But that wasn’t enough to offset the triple blow to market confidence from Russia/Ukraine, Israel/Gaza and U.S./Iraq. Facebook, whose shares rallied 5.2% after earnings, gave up half that percent gain by Aug. 7.
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