Tech selloff affects silicon valley's wealthiest men
In the past weeks, technology shares took a turn from its rising direction. This made technology stock tagged USD11.5 billion price, the richest for Silicon Valley, according to a Bloomberg report.
The figures showed the loss of fortune incurred by 23 richest billionaires have lost after the technology market ended last April 2. After investors left their stocks, FB’s Mark Zuckerberg, Oracle Corp’s Larry Ellison, Jeff Bezos of Amazon.com and Bill Gates have lost USD1 billion after four days of trading, said a data which came from Bloomberg Billionares Index.
Investors have been backing off technology stocks and invested on those companies with stable earnings and dividends. Social media Twitter has slumped by 34 percent while Caterpillar Inc. increased by 13 percent so far. Meanwhile, Amazon.com has fallen by 18 percent. The technology stock trading on NASDAQ has also slumped on April 4.
BMO Private Bank analyst Jack Albin said, “Investors need something to sink their teeth into. A lot of tech companies don’t have anything tangible to offer.”
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