Tags: fang | tycoons | technology | stocks

FANG Tycoons Lose $7.6 Billion as Technology Stocks Tumble

FANG Tycoons Lose $7.6 Billion as Technology Stocks Tumble
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Thursday, 30 November 2017 07:20 AM

The billionaire founders of Facebook Inc., Amazon.com Inc., Netflix Inc. and Google owner Alphabet Inc. saw $7.6 billion wiped from their fortunes Wednesday as the Nasdaq 100 suffered its worst drop in three months.

Facebook’s Mark Zuckerberg fell the most, dropping $2.9 billion on the Bloomberg Billionaires Index, while Jeff Bezos’s short-lived reign as the $100 billion man ended after a tumble in Amazon.com Inc. shares knocked $2.5 billion off his net worth.

Alphabet’s Sergey Brin and Larry Page fell almost $1 billion each, while Netflix’s Reed Hastings shed $133 million.

The decline in the so-called FANG stocks came after traders flocked to firms seen benefiting more from a potential reduction in the corporate-tax rate. Technology stocks enjoy an 18.5 percent effective-tax rate -- the third-lowest among U.S. large caps, according to S&P Global data -- which means less potential bounty should the Republican legislation move through Congress.

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The billionaire founders of Facebook Inc., Amazon.com Inc., Netflix Inc. and Google owner Alphabet Inc. saw $7.6 billion wiped from their fortunes Wednesday as the Nasdaq 100 suffered its worst drop in three months.
fang, tycoons, technology, stocks
148
2017-20-30
Thursday, 30 November 2017 07:20 AM
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