June 19, 2026

06 Market

Meta CEO Zuckerberg sells over $4 million in company stock – Investing.com India

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Excerpt from news.google.com

Mark Zuckerberg, the CEO and Chairman of Meta Platforms, Inc. (NASDAQ:META), has sold a significant amount of company stock, according to recent filings. The transactions, which took place on August 9, 2024, resulted in sales totaling over $4 million.

The sales were conducted through two entities associated with Zuckerberg—the Chan Zuckerberg Initiative Foundation and Chan Zuckerberg Initiative Advocacy—under a pre-arranged trading plan established on February 21, 2024. The filings show that the shares were sold at prices ranging from $507.6232 to $517.9156, reflecting the dynamic market prices at the time of each transaction.

Investors closely monitor insider transactions like these for insights into executives’ perspectives on their company’s prospects. In Zuckerberg’s case, the reported sales through the Chan Zuckerberg Initiative Foundation amounted to approximately $4,092,028. Meanwhile, the sales through the Chan Zuckerberg Initiative Advocacy totaled around $4,477,617.

Although the filings detail the sales of Class A Common Stock, they also reference holdings in Class B Common Stock, which is convertible into Class A stock on a 1-for-1 basis. It is noted that Zuckerberg, through various trusts and entities, retains voting and investment power over these securities.

SpaceX accused of dumping mercury into Texas waters for years– www.popsci.com

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Excerpt from www.popsci.com

SpaceX’s Starship launches at the company’s Starbase facility near Boca Chica, Texas, have allegedly been contaminating local bodies of water with mercury for years. The news arrives in an exclusive CNBC report on August 12, which cites internal documents and communications between local Texas regulators and the Environmental Protection Agency.

SpaceX’s fourth Starship test launch in June was its most successful so far—but the world’s largest and most powerful rocket ever built continues to wreak havoc on nearby Texas communities, wildlife, and ecosystems. And after repeated admonishments, reviews, and ignored requests, the Environmental Protection Agency and the Texas Commission on Environmental Quality (TCEQ) have had enough.

The issues stem from a complaint filed to the TCEQ just over a year ago on August 6, 2023. The letter reportedly cited 14 separate incidents regarding “environmental impacts from the Facility’s deluge system” stemming from “discharging deluge water without TCEQ authorization.”

US court blocks transfer of SpaceX lawsuit against NLRB, for now – ETLegalworld– news.google.com

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A 5th U.S. Circuit Court of Appeals panel in a two-sentence order on Friday vacated a July decision by
U.S. District Judge Rolando Olvera refusing to reconsider an earlier ruling transferring the case from his
Brownsville, Texas, court to Los Angeles.
The appeals court issued its decision without prejudice, however, citing a related appeal that is still
pending. That means the NLRB can again move to transfer the lawsuit to California, where SpaceX is
based and the company is facing an administrative board case claiming it illegally fired engineers critical
of CEO Elon Musk.

Bank of America no longer forecasts a U.S. recession in 2024 – CBS News– news.google.com

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A highly-dreaded U.S. recession is no longer in the works, according to Bank of America CEO Brian Moynihan.

The nation’s second-largest bank is not predicting an economic downturn “anymore,” Moynihan told CBS‘ Margaret Brennan on “Face the Nation” Sunday. “Last year, this time, it was a recession,” he stated. “This year we talked about now there’s no recession.”

BofA’s latest prediction suggests the Federal Reserve’s efforts at taming inflation while keeping the U.S. economy afloat are working.

Consumer spending has softened, Moynihan said, citing the lender’s vantage point of having a customer base of 60 million. People in July and August spent at a growth rate of about 3% this year — half the rate it was in 2023, BofA found. Consumers “have money in their accounts, but they’re depleting a little bit. They’re employed, they’re earning money, but if you look at — they’ve really slowed down,” he said.

Elon Musk says he’d be willing to interview Harris; VP’s campaign slams Trump’s ‘dangerous agenda’ – live – The Guardian US

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Elon Musk says he’d be willing to interview Harris; VP’s campaign slams Trump’s ‘dangerous agenda’

Elon Musk is basking in the afterglow of the interview he conducted on Twitter/X with Donald Trump last night. The Tesla CEO said their conversation had attracted 1bn views and comments, a number that was impossible to verify, while adding he would be willing to hold a similar event with Kamala Harris.

Musk Trump Interview Live Updates: ‘We’re going to have largest deportation in history of US,’ Trump tells Musk in interview on X – The Times of India

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Excerpt from The Times of India

‘We’re going to have largest deportation in history of US,’ Trump tells Musk in interview on X

‘Don’t do it!’: What Trump told Putin regarding Ukraine

In the interview with Elon Musk on the platform X (formerly Twitter), former US President Donald Trump recounted his past interactions with Russian President Vladimir Putin, particularly focusing on their discussions about Ukraine. Trump claimed he warned Putin against actions in Ukraine, stating, “I said to Vladimir Putin, ‘Don’t do it. You can’t do it, Vladimir. You do it, it’s gonna be a bad day.’”

Trump emphasised his relationship with Putin, noting, “I know Putin very well. I got along with him very well. He respected me.” He addressed criticisms of being too friendly with Russia, asserting, “They say I loved Russia, I was a friend of Putin… No,” and highlighted his actions against Russia, including shutting down a significant pipeline.

Musk-Trump Interview LIVE: "I’m More Of A Believer Now," Says Trump As He Recalls Being Shot At – NDTV

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Excerpt from NDTV

“I’m More Of A Believer Now,” Says Trump As He Recalls Being Shot At

Billionaire entrepreneur and X (formerly Twitter) owner Elon Musk interviewed Donald Trump on his social media network today. The event, which was scheduled to begin at 5:30 AM IST, was delayed by more than 40 minutes due to a DDOS attack, a type of cyberattack.

During the chat, which went on for over two hours, the two spoke in length about the assassination attempt on Trump last month. Their conversation also saw the Republican nominee attacking his Democratic rival Kamala Harris for the 2024 US presidential elections.

The interview, which was joined by more than 1.3 million users, was an opportunity for Trump to seize the limelight at a time when Kamala Harris has erased his lead in opinion polls, just weeks after she replaced Joe Biden in the race to the White House.

Trump returns to X with two-hour Elon Musk chat hit by technical glitch – Al Jazeera English

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Trump returns to X with two-hour Elon Musk chat hit by technical glitch

United States Republican presidential nominee and former President Donald Trump has returned to the social media platform X as he attempts to recover from a rocky couple of weeks on the campaign trail.

On Monday, he marked the occasion by sitting down for a chat on Spaces with platform owner Elon Musk, who has publicly endorsed Trump’s campaign for re-election.

Elon Musk should face arrest if he incited UK rioters, says ex-Twitter chief – The Guardian– news.google.com

pgnewser August 12, 2024 0

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Elon Musk should face arrest if he incited UK rioters, says ex-Twitter chief

Elon Musk should face “personal sanctions” and even the threat of an “arrest warrant” if found to be stirring up public disorder on his social media platform, a former Twitter executive has said.

It cannot be right that the billionaire owner of X, and other tech executives, be allowed to sow discord without personal risks, Bruce Daisley, formerly Twitter’s vice-president for Europe, Middle East and Africa, writes in the Guardian.

He said the prime minister, Keir Starmer, should “beef up” online safety laws and reflect on whether the media regulator, Ofcom, “is fit to deal with the blurringly fast actions of the likes of Musk”.

“In my experience, that threat of personal sanction is much more effective on executives than the risk of corporate fines,” Daisley writes, arguing such sanctions could impact the jet-setting lifestyles of tech billionaires.

Microsoft Reveals Iranian US Election Interference Ops – Infosecurity Magazine– news.google.com

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Microsoft Reveals Iranian US Election Interference Ops

Microsoft has claimed Iran is gearing up for a major effort to interfere in this year’s US presidential election.

The tech giant released a new report on Friday detailing four distinct operations.

“This recent cyber-enabled influence activity arises from a combination of actors which are conducting initial cyber-reconnaissance and seeding online personas and websites into the information space,” it warned.

“Looking forward, we expect Iranian actors will employ cyber-attacks against institutions and candidates while simultaneously intensifying their efforts to amplify existing divisive issues within the US, like racial tensions, economic disparities, and gender-related issues.”

Trump blames Tehran for email hack, as Microsoft warns of Iran, Russia and China election attacks – The Stack– news.google.com

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Trump blames Tehran for email hack, as Microsoft warns of Iran, Russia and China election attacks

The Donald Trump presidential campaign has blamed Iran for an alleged hack that has resulted in internal communications including the “potential vulnerabilities of VP pick JD Vance” being leaked to media outlets.

Politico reported over the weekend that it had received emails from an anonymous AOL account since late July relaying “what appeared to be internal communications from a senior Trump campaign official.”

The documents included vetting details on JD Vance, the outlet continued, and the documents had been authenticated by “two people familiar with them.” The anonymous emailer claimed to have other documents, Politico reported.

Trump took to his Truth Social platform to declare: “We were just informed by Microsoft Corporation that one of our many websites was hacked by the Iranian Government – Never a nice thing to do!”

Trump 2024 campaign allegedly targeted by Iranian hackers — Microsoft reveals apparent attack ahead of US election – TechRadar– news.google.com

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Trump 2024 campaign allegedly targeted by Iranian hackers

Microsoft has released new intelligence warning of an uptick in Iranian influence campaigns ahead of the US presidential election in November.

Four Iranian groups have been identified by Microsoft using different techniques, tactics and procedures (TTPs) to either sway voter opinion, attack the campaigns specifically, or sow distrust in the political system.

In one of the examples given by Microsoft, an Iranian group targeted “a high-ranking official on a presidential campaign” with a phishing attack, and then” unsuccessfully attempted to log into an account belonging to a former presidential candidate.”

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Dunkin’ Donuts faces boycott calls following Rumble CEO’s accusations – The Express Tribune– news.google.com

pgnewser August 12, 2024 0

Rumble appears ready to join the Elon Musk lawsuit, and may want to add Dunkin Donuts to the suit for its refusal to advertise on the platform because of the “right wing culture of the site being too polarizing,” as if the MSM isn’t polarizing (and intentionally, seditiously so).

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Dunkin’ Donuts, trading as Dunkin’ since rebranding, is facing a boycott from many users on X, formerly Twitter, after the chief executive of the video platform Rumble alleged that the fast-food chain declined to advertise with them due to the “right wing culture of the site being too polarising.”

Rumble is joining Elon Musk’s social media company, X, in suing a group of advertisers over allegations that they withheld business from the social media firms because of the right-wing content hosted on their platforms.

On Wednesday, the hashtag #BoycottDunkinDonuts gained significant traction on X.

Rumble chief executive Chris Pavlovski wrote on X that the company approached Dunkin’ and its parent company, Inspire Brands, to consider placing advertising on the site because its audience “over indexes with coffee consumption.”

Pavlovski posted a screenshot of what appeared to be a redacted email reply from the company. The screenshot did not show who sent the email, but Pavlovski’s post implied it was from an advertising executive at Dunkin’ or Inspire Brands, which also owns Arby’s and Sonic Drive-In.

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Elon Musk is Done Playing Nice with Advertisers

pgnewser August 12, 2024 0

Elon Musk is suing advertisers he accuses of colluding with one another to create a “massive advertiser boycott” to silence dissent that his social media platform, Twitter (now X) began to allow to be tweeted after taking over from a DNC-CCP-controlled ownership group. Musk’s xpost declared “now it is war” in his announcement of the lawsuit.

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Elon Musk’s X sues advertisers, including CVS Health and other companies, over alleged ‘massive advertiser boycott’

 Elon Musk’s social media platform X has sued a group of advertisers, alleging that a “massive advertiser boycott” deprived the company of billions of dollars in revenue and violated antitrust laws.

The company formerly known as Twitter filed the lawsuit Tuesday in a federal court in Texas against the World Federation of Advertisers and member companies Unilever, Mars, CVS Health and Orsted.

It accused the advertising group’s initiative, called the Global Alliance for Responsible Media, of helping to coordinate a pause in advertising after Musk bought Twitter for $44 billion in late 2022 and overhauled its staff and policies.

Musk posted about the lawsuit on X on Tuesday, saying “now it is war” after two years of being nice and “getting nothing but empty words.”

X CEO Linda Yaccarino said in a video announcement that the lawsuit stemmed in part from evidence uncovered by the U.S. House Judiciary Committee which she said showed a “group of companies organized a systematic illegal boycott” against X.

The Republican-led committee had a hearing last month looking at whether current laws are “sufficient to deter anticompetitive collusion in online advertising.”

The lawsuit’s allegations center on the early days of Musk’s Twitter takeover and not a more recent dispute with advertisers that came a year later.

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Elon Musk’s X sues advertisers over alleged ‘massive advertiser boycott’ after Twitter takeover

 Elon Musk’s social media platform X has sued a group of advertisers, alleging that a “massive advertiser boycott” deprived the company of billions of dollars in revenue and violated antitrust laws.

The company formerly known as Twitter filed the lawsuit Tuesday in a federal court in Texas against the World Federation of Advertisers and member companies Unilever, Mars, CVS Health and Orsted.

It accused the advertising group’s initiative, called the Global Alliance for Responsible Media, of helping to coordinate a pause in advertising after Musk bought Twitter for $44 billion in late 2022 and overhauled its staff and policies.

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Elon Musk PAC being investigated by Michigan secretary of state for potential violations

A political action committee backed by billionaire Elon Musk is being investigated by the Michigan secretary of state’s office amid efforts to collect voter data.

Musk, the CEO of Tesla and SpaceX, has said he created and helped fund the America PAC, which is supporting former President Donald Trump. Musk has a net worth of over $225 billion, according to Forbes.

The committee has been acquiring detailed voter information from those living in Michigan and other battleground states after people submit their personal data through a section on the PAC’s website that says “register to vote.”

After clicking on the “register to vote” tab on America PAC’s website, users in states like Michigan can submit a ZIP code, address and phone number. People with a Michigan address are brought to a page that says “thank you” and asks users to “complete the form below” to help wrap up the voter registration process. As of Sunday afternoon, though, there was no other form to complete below the words “thank you.”

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Google to Face Antitrust Hammer after Federal Court Ruling

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Google has learned that its business is currently deemed an illegal monopoly in search and advertising after a ruling by a Federal Court judge. The ruling follows a lengthy anti-trust trial triggered by the Department of Justice suing Google’s parent company Meta.

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Excerpt from trendingpoliticsnews.com

In a landmark decision, a federal judge ruled on Monday that Google has violated antitrust laws by maintaining an illegal monopoly in the general search services and general search text advertising markets. The ruling comes as a huge blow to the tech giant, often criticized for its vast influence over the internet and user data.

The memorandum opinion issued by the United States District Court for the District of Columbia extensively detailed Google’s monopolistic practices. “Google is a monopolist, and it has acted as one to maintain its monopoly,” the court wrote. “It has violated Section 2 of the Sherman Act.” The lawsuit was initially filed by the U.S. Department of Justice (DOJ) and 11 states on October 20, 2020, with 38 additional states joining in a subsequent complaint.

The plaintiffs accused Google of using exclusionary agreements to dominate the market for general search services and various online advertising markets. “Google has unlawfully used the distribution agreements to thwart competition and maintain its monopoly,” the complaint asserted. After a lengthy trial process, which included the review of millions of pages of documents and testimony from numerous witnesses, the court’s findings were clear.

The judge noted, “Google’s dominance has gone unchallenged for well over a decade,” and highlighted that by 2020, nearly 90% of all search queries in the United States were handled by Google.

Arizona AG drops election subversion charges against former Trump lawyer Jenna Ellis in exchange for testimony – Crossroads Today– news.google.com

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Arizona AG drops election subversion charges against former Trump lawyer Jenna Ellis in exchange for testimony

Former Donald Trump 2020 campaign lawyer Jenna Ellis has agreed to cooperate with prosecutors in the Arizona election subversion case, the state’s attorney general announced Monday, and charges against her will be dropped.

Ellis is expected to cooperate with prosecutors and testify against other defendants in the criminal case as part of her deal. She was originally charged with multiple felony counts in Arizona related to her alleged role in the effort to put forward fake slates of electors as part of a broader conspiracy to overturn the 2020 election results on Trump’s behalf.

Last year, Ellis pleaded guilty in the Georgia election case and was sentenced to five years of probation and $5,000 in restitution. Ellis was charged alongside several Trump allies, including his former White House chief of staff Mark Meadows and Rudy Giuliani in both Arizona and Georgia. Meadows and Giuliani have pleaded not guilty in both cases.

“If I knew then what I know now, I would have declined to represent Donald Trump in these post-election challenges. I look back on this experience with deep remorse,” Ellis said in a statement after her guilty plea in Georgia.

 

Chevron to Move Company Headquarters from California to Texas – Convenience Store Decisions– news.google.com

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Chevron has announced that it will relocate its company headquarters from San Ramon, Calif., to Houston, Texas.

To kick off the relocation, Chevron Chairman and CEO Mike Wirth and Vice Chairman Mark Nelson will move to Houston before the end of the year to co-locate with other senior leaders, the company noted in a statement.

Chevron has ensured that the immediate relocation will have minimal impact on other employees currently based in San Ramon.

The company expects all corporate functions to migrate to Houston over the next five years, while positions in support of the company’s California operations will remain in San Ramon.

Chevron currently has roughly 7,000 employees in the Houston area and approximately 2,000 employees in San Ramon. The company operates crude oil fields, technical facilities and two refineries and supplies more than 1,800 retail stations in California.

Warren Buffet buys ‘aggressively’ when US stocks dip, refrains from short-term bets: What should you do amid volatility? – Mint– news.google.com

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Warren Buffet buys ‘aggressively’ when US stocks dip, refrains from short-term bets: What should you do amid volatility?

US stocks crashed in the previous session due to a global selloff fueled by mounting recession fears among investors in the world’s largest economy. On Monday, more than $1.93 trillion was wiped out of the US stock market as the tech-heavy Nasdaq composite dropped over 1,000 points.

The turmoil began following the release of a disappointing July jobs report, which fueled concerns that the US Federal Reserve has moved too slowly to cut interest rates — a move meant to alleviate some pressure on the economy.

The bloodbath on Wall Street led by the global stock market crash left investors worried about their holdings and trading strategy to apply amid the current volatility. Ace investor Warren Buffett recently spoke to CNBC and revealed some of his personal trading strategies amid a market crash. According to the Oracle of Omaha, ‘When the stocks are crashing, it’s always good news’.

Harris’ running mate, Minnesota Governor Tim Walz, boasts progressive health care record – STAT– news.google.com

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Harris’ running mate, Minnesota Governor Tim Walz, boasts progressive health care record

With Minnesota Gov. Tim Walz as her running mate, Vice President Kamala Harris has tapped a fiery advocate for public health and abortion rights.

Harris chose Walz as her vice presidential pick Tuesday morning. The pair have less than 100 days before Election Day to rally voters to the new Democratic ticket. Walz emerged as a frontrunner for the role in part due to his record of defending abortion access, gender-affirming care, and the national Covid-19 response.

Walz was early to instate Covid-19 shutdowns and social distancing policies, earning criticism from state Republicans and then-President Trump, who tweeted “LIBERATE MINNESOTA!” in April 2020. State Republicans have since sued over his early Covid-19 response, including mask mandates and vaccine requirements for government employees.

The second-term governor and 12-year veteran of the House of Representatives is used to battling with Republicans, despite originally hailing from a mostly red-leaning eastern Minnesota district. While in Congress, Walz voted for Medicare drug price negotiation and supported medical research of cannabis and to extend Veteran Affairs’ studies of the health effects of the toxin Agent Orange.

Health care professionals and groups were top contributors to Walz’ campaigns during his time in Congress, according to campaign finance database OpenSecrets. Those included the American Association of Orthopaedic Surgeons; the American Health Care Association; and the American Optometric Association.

Elon Musk’s X sues advertisers over alleged ‘massive advertiser boycott’ after Twitter takeover – FOX21News.com– news.google.com

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Elon Musk’s X sues advertisers over alleged ‘massive advertiser boycott’ after Twitter takeover

 Elon Musk’s social media platform X has sued a group of advertisers, alleging that a “massive advertiser boycott” deprived the company of billions of dollars in revenue and violated antitrust laws.

The company formerly known as Twitter filed the lawsuit Tuesday in a federal court in Texas against the World Federation of Advertisers and member companies Unilever, Mars, CVS Health and Orsted.

It accused the advertising group’s initiative, called the Global Alliance for Responsible Media, of helping to coordinate a pause in advertising after Musk bought Twitter for $44 billion in late 2022 and overhauled its staff and policies.

Billionaires see net worth drop amid stock market turmoil – Fox Business– news.google.com

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Billionaires see net worth drop amid stock market turmoil

Multiple billionaires saw their net worth shrink on Monday while the global markets experienced significant turbulence.

Amazon founder Jeff Bezos, Nvidia CEO Jensen Huang and Meta Platforms CEO Mark Zuckerberg were among the billionaires with estimated personal fortunes that posted major drops, Forbes reported.

Those companies and the other four tech giants that make up the “Magnificent Seven” experienced notable declines in their stock prices on Monday.

More broadly, U.S. indices dropped on Monday, with the Dow Jones Industrial Average, Nasdaq Composite and S&P 500 down 2.7%, 3.7% and 3.3%, in the afternoon. Markets in other parts of the world like Asia and Europe also saw declines.

Did Warren Buffet Trigger a Massive Stock Market Sell-Off?

pgnewser August 5, 2024 0

Warren Buffet appears to have triggered a massive global sell-off of blue-chip stocks after selling off $76 billion in stocks, including half its stake in Apple. The sell-off led to losses that hit the world’ richest billionaires to the tune of $134 billion. The total sell-off amounted to $1.93 trillion.

After the sell-off, it appears the potential initial trigger, Warren Buffet, came back to pick up some stocks at fire sale prices, telling CNBC “When the stocks are crashing, it’s always good news.” For Jeff Bezos it was bad news, as he saw his net worth drop by $16 billion.

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Warren Buffet buys ‘aggressively’ when US stocks dip, refrains from short-term bets: What should you do amid volatility?

US stocks crashed in the previous session due to a global selloff fueled by mounting recession fears among investors in the world’s largest economy. On Monday, more than $1.93 trillion was wiped out of the US stock market as the tech-heavy Nasdaq composite dropped over 1,000 points.

The turmoil began following the release of a disappointing July jobs report, which fueled concerns that the US Federal Reserve has moved too slowly to cut interest rates — a move meant to alleviate some pressure on the economy.

The bloodbath on Wall Street led by the global stock market crash left investors worried about their holdings and trading strategy to apply amid the current volatility. Ace investor Warren Buffett recently spoke to CNBC and revealed some of his personal trading strategies amid a market crash. According to the Oracle of Omaha, ‘When the stocks are crashing, it’s always good news’.

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World’s ‘biggest investor’ has halved its stake in Apple, and this may be the reason

Warren Buffett’s Berkshire Hathaway reduced its stake in Apple by half, as part of a $76 billion stock sell-off. The move generated $47.2 billion in after-tax profit and left Apple as Berkshire’s largest holding. While the exact reasons remain unclear, Buffett suggested the sale might be due to tax considerations.

The world’s largest investment group Warren Buffett’s Berkshire Hathaway has reportedly reduced its holding in Apple, selling off roughly half of its stake in the iPhone maker as part of a wider $76bn stock disposal. According to a report in Financial Times, quoting an SEC filing, Warren Buffett’s Berkshire Hathaway has slashed its stake in iPhone maker Apple in half as part of a selling spree in which the billionaire investor sold $76 billion of stocks

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Billionaires see net worth drop amid stock market turmoil

Multiple billionaires saw their net worth shrink on Monday while the global markets experienced significant turbulence.

Amazon founder Jeff Bezos, Nvidia CEO Jensen Huang and Meta Platforms CEO Mark Zuckerberg were among the billionaires with estimated personal fortunes that posted major drops, Forbes reported.

Those companies and the other four tech giants that make up the “Magnificent Seven” experienced notable declines in their stock prices on Monday.

More broadly, U.S. indices dropped on Monday, with the Dow Jones Industrial Average, Nasdaq Composite and S&P 500 down 2.7%, 3.7% and 3.3%, in the afternoon. Markets in other parts of the world like Asia and Europe also saw declines.

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Bezos loses $16 billion in Amazon stock plunge

Jeff Bezos saw a dramatic $16 billion drop in his net worth on Friday as Amazon’s stock plunged more than 9%, falling below $167 per share. This decline follows Amazon’s second-quarter earnings report, which revealed revenue of $147.9 billion—falling short of the expected $148.5 billion. The stock is on track for its worst performance since April 2022, when it also faced a significant drop after disappointing earnings.

Bezos’ stake in Amazon, comprising 928 million shares, saw its value drop from $170.8 billion at Thursday’s close to approximately $154.9 billion. Despite this setback, Bezos remains the second-richest person globally with a net worth of $186.2 billion. The broader tech sector also suffered losses, with other top billionaires, including Elon Musk, Bernard Arnault, and Mark Zuckerberg, each losing over $1 billion.

The market downturn was exacerbated by a Labor Department report showing the U.S. economy added 71,000 fewer jobs than anticipated, raising recession fears. Amazon CFO Brian Olsavsky had previously highlighted the company’s significant investment in its cloud business and generative AI tools. These investments, while aimed at long-term growth, have contributed to concerns about the return on such hefty expenditures amidst the recent tech rally’s reversal.

World’s billionaires see $134 billion swiped from their fortune overnight in share price bloodbath, led by Jeff Bezos  Fortune

Bezos loses $16 billion in Amazon stock plunge – Daily Tribune (Philippines)– news.google.com

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Bezos loses $16 billion in Amazon stock plunge

Jeff Bezos saw a dramatic $16 billion drop in his net worth on Friday as Amazon’s stock plunged more than 9%, falling below $167 per share. This decline follows Amazon’s second-quarter earnings report, which revealed revenue of $147.9 billion—falling short of the expected $148.5 billion. The stock is on track for its worst performance since April 2022, when it also faced a significant drop after disappointing earnings.

Bezos’ stake in Amazon, comprising 928 million shares, saw its value drop from $170.8 billion at Thursday’s close to approximately $154.9 billion. Despite this setback, Bezos remains the second-richest person globally with a net worth of $186.2 billion. The broader tech sector also suffered losses, with other top billionaires, including Elon Musk, Bernard Arnault, and Mark Zuckerberg, each losing over $1 billion.

The market downturn was exacerbated by a Labor Department report showing the U.S. economy added 71,000 fewer jobs than anticipated, raising recession fears. Amazon CFO Brian Olsavsky had previously highlighted the company’s significant investment in its cloud business and generative AI tools. These investments, while aimed at long-term growth, have contributed to concerns about the return on such hefty expenditures amidst the recent tech rally’s reversal.