Forrest Li losing billions in net worth is par for the course in the tech world
The selloff in technology stocks around the world in recent weeks has been nothing short of brutal.
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It has wiped the fortunes of tech tycoons – US$1 trillion (S$1.37 trillion) from the world’s 500 richest people. Sea founder Forrest Li lost 80 per cent of his US$22 billion net worth, while Amazon’s Jeff Bezos shed US$58 billion.
Nasdaq, US index home to many technology companies, has declined more than 20 per cent since its last peak in November 2021, entering bear-market territory. The slump in tech shares, which has lasted seven weeks, is the longest sustained weekly decline since 2001 when the dot-com bubble burst.
The wider US market is sailing precariously close to the wind, with the S&P 500 down 19 per cent since its high in January. Only 131 of the 500 counters have managed to deliver a positive performance since the start of the year.
Many of those companies in the black are either directly or indirectly related to the oil industry that have benefitted from the surge in crude prices. So should we be worried about the tech slump?
