Tech Selloff Slashes Wealth of Top Billionaires

A significant tech sector selloff has led to a dramatic decline in the fortunes of the world's wealthiest individuals, wiping out $134 billion in total. Amazon founder Jeff Bezos lost between $15.2 billion and $21 billion due to a steep drop in Amazon's stock price, which fell by up to 13% following a disappointing second-quarter revenue report. This marks the third-worst single-day drop in Bezos' net worth. Other tech giants like Elon Musk, Mark Zuckerberg, and Larry Ellison also experienced substantial financial losses. The broader market downturn, impacted by weak economic data and earnings reports, has plunged the Nasdaq into correction territory. Concerns over AI investments and potential Federal Reserve rate cuts have exacerbated investor anxiety.