DECRYPTION – The stock market rout of Tesla, Meta, Amazon and Google has melted the assets of their leaders.
Three thousand five hundred billion dollars gone up in smoke. The specter of a recession and the slowdown in demand for their services have shaken Wall Street this year, the nuggets of American tech.
Geopolitical instability and the brutal tightening of monetary policies to fight inflation have put an end to a decade of insolent growth for planetary giants such as Amazon, Microsoft, Meta and even Alphabet. This stock market tumble has heavily affected the wealth of tech billionaires. Because, for the most part, it is a “paper fortune”, concentrated in the shares they hold in their company.
Read alsoTech giants affected but not sunk by the crisis
“It then becomes as random as the goodwill of the financial markets”, sums up a Goldman Sachs analyst. This is how one morning in December, the American Elon Musk was robbed of his place as the richest man in the world by the Frenchman Bernard Arnault, at the head of the luxury empire LVMH. And for good reason: the CEO…
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