THE CHANGING FORTUNES OF THE WORLD’S RICHEST



After briefly becoming the <a href="https://www.forbes.com/sites/hayleycuccinello/2020/08/31/elon-musk-100-billion-net-worth/#7d8e258880ed">fifth centibillionaire in the world</a> on Monday, August 31, Tesla CEO Elon Musk ended the week down $9.9 billion as tech companies — and their founders’ fortunes — took a hit.



While tech companies have largely been driving the stock market’s surge during the pandemic, heavyweights like Facebook and Amazon took a spill on Thursday and Friday during what some observers&nbsp;<a href="https://www.ft.com/content/bd5804ef-94d0-45b4-9c2b-8fb7996ec5f6" target="_blank" rel="noreferrer noopener">are calling a correction</a>. The S&amp;P 500 was down 2.3% for the week, while the Dow Jones Industrial Index fell 1.8%. Tesla stock started to falter on Wednesday,&nbsp;<a href="https://www.cnbc.com/2020/09/02/teslas-largest-outside-shareholder-reduces-holding-citing-portfolio-restrictions.html" target="_blank" rel="noreferrer noopener">after news broke that</a>&nbsp;its largest outside shareholder, Scottish investment firm Ballie Gifford, reduced its stake in the company. The stock ended the week down 5.5%.&nbsp;



Even with the decline, Musk is four times wealthier than he was a year ago, with a net worth of $87.9 billion. He is currently the fifth richest person in the world, $5.5 billion ahead of Warren Buffett.



The richest man in the world, Jeff Bezos, hit a milestone last week when he became the first person tracked by Forbes with a fortune that exceeded $200 billion. With Amazon shares worth 3% less than a week ago at the market close on Friday, Bezos’ fortune dropped  $5.8 billion to $193.5 billion. His ex-wife, MacKenzie Scott (net worth: $62.4 billion), is $2 billion poorer this week.



<div class="wp-block-image"><figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="594" height="425" src="https://www.forbesafrica.com/wp-content/uploads/2020/07/gettyimages-1148401100-594x594-1.jpg" alt="" class="wp-image-46514" srcset="https://cms.forbesafrica.com/wp-content/uploads/2020/07/gettyimages-1148401100-594x594-1.jpg 594w, https://cms.forbesafrica.com/wp-content/uploads/2020/07/gettyimages-1148401100-594x594-1-300x215.jpg 300w" sizes="(max-width: 594px) 100vw, 594px" /><figcaption>Amazon Founder and CEO Jeff Bezos in Las Vegas, Nevada on June 6, 2019. (Photo by MARK RALSTON/AFP via Getty Images)</figcaption></figure></div>



Mark Zuckerberg’s fortune fell $4 billion as Facebook shares dropped 3.7% in the past week. He’s been more vocal than ever before about political misinformation on the social media platform and announced steps to mitigate the problem. On Wednesday, he and his wife, Priscilla Chan, announced a&nbsp;<a href="https://gizmodo.com/zuckerberg-drops-300-million-to-support-u-s-elections-1844921516" target="_blank" rel="noreferrer noopener">$300 million donation</a>&nbsp;to support voting infrastructure, such as protective equipment for poll workers and polling place rentals. On Thursday, he said that Facebook would&nbsp;<a href="https://www.forbes.com/sites/siladityaray/2020/09/03/facebook-will-block-new-political-ads-in-the-week-leading-up-to-election-day/#30873f0b7950">block new political ads</a>&nbsp;during the week before Election Day, and flag posts in which a candidate tries to claim a premature victory.&nbsp;



Quicken Loans cofounder Dan Gilbert had a chaotic week as shares of the online mortgage lender’s parent company, Rocket Companies, soared midweek ahead of the company’s first earnings report since it went public in August. Although <a rel="noreferrer noopener" href="https://www.thestreet.com/investing/rocket-rkt-earnings-mortgage-initial-public-offering" target="_blank">it reported strong profits</a>, the stock corrected itself and ended the week down more than 13%. As of Friday, September 4, Gilbert is worth $51 billion — $7.3 billion less than last week, but nearly eight times richer than he was a year ago.



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HERE ARE THE BILLIONAIRES WHOSE FORTUNES FELL THE MOST THIS WEEK.



The net worth change is from close of markets Friday, August 28, to Friday, September 4.



<h4 class="has-vivid-red-color has-text-color wp-block-heading">1 | ELON MUSK</h4>



NET WORTH |&nbsp;$87.9 BILLION, DOWN $9.9 BILLION



COUNTRY |&nbsp;UNITED STATES



SOURCE OF WEALTH |&nbsp;TESLA



<h4 class="has-vivid-red-color has-text-color wp-block-heading">2 | DAN GILBERT</h4>



NET WORTH |&nbsp;$51 BILLION, DOWN $7.3 BILLION



COUNTRY |&nbsp;UNITED STATES



SOURCE OF WEALTH | QUICKEN LOANS



<h4 class="has-vivid-red-color has-text-color wp-block-heading">3 | JEFF BEZOS</h4>



NET WORTH |&nbsp;$193.5 BILLION, DOWN&nbsp;$5.8 BILLION



COUNTRY |&nbsp;UNITED STATES﻿



SOURCE OF WEALTH | AMAZON



<h4 class="has-vivid-red-color has-text-color wp-block-heading">4 |  STEVE BALLMER</h4>



NET WORTH |&nbsp;$72.9 BILLION, DOWN $4.1 BILLION



COUNTRY |&nbsp;UNITED STATES



SOURCE OF WEALTH | MICROSOFT



<h4 class="has-vivid-red-color has-text-color wp-block-heading">5 | MARK ZUCKERBERG</h4>



NET WORTH | &nbsp;$103.8 BILLION, DOWN $4 BILLION



COUNTRY |&nbsp;UNITED STATES



SOURCE OF WEALTH | FACEBOOK



<h4 class="has-vivid-red-color has-text-color wp-block-heading">6 | LARRY ELLISON</h4>



NET WORTH |&nbsp;$74.2 BILLION, DOWN $2.7 BILLION



COUNTRY |&nbsp;UNITED STATES



SOURCE OF WEALTH | ORACLE



<h4 class="has-vivid-red-color has-text-color wp-block-heading">7 | AMANCIO ORTEGA</h4>



NET WORTH |&nbsp;$65.3 BILLION, DOWN $2.5 BILLION



COUNTRY |&nbsp;SPAIN



SOURCE OF WEALTH | ZARA



<h4 class="has-vivid-red-color has-text-color wp-block-heading">8 | MA HUATENG</h4>



NET WORTH |&nbsp;$57.5 BILLION, DOWN $2.3 BILLION



COUNTRY |&nbsp;CHINA



SOURCE OF WEALTH | TENCENT



<h4 class="has-vivid-red-color has-text-color wp-block-heading">9 | LARRY PAGE</h4>



NET WORTH |&nbsp;$70.6 BILLION, DOWN $2.2 BILLION



COUNTRY |&nbsp;UNITED STATES



SOURCE OF WEALTH | GOOGLE



<h4 class="has-vivid-red-color has-text-color wp-block-heading">10 | SERGEY BRIN</h4>



NET WORTH |&nbsp;$68.7 BILLION, DOWN $2.1 BILLION



COUNTRY |&nbsp;UNITED STATES



SOURCE OF WEALTH | GOOGLE



-Ariel Shapiro, Forbes Staff

Key Speakers At The Satellite 2020 Conference

Elon Musk Down Nearly $10 Billion In One Week As Tech Stocks Plunge

Africa’s biggest pay-TV group MultiChoice debuted on the Johannesburg Stock Exchange on Wednesday with shares opening at 95.50 rand, giving the company a market capitalization of 42 billion rand ($3.03 billion).



South African ecommerce giant Naspers decided to spin off MultiChoice after coming under pressure in recent years to find ways to narrow a valuation discount between its market value and that of its one-third stake in Chinese internet group Tencent.



As of 0727 GMT, the stock was trading at 105.04 rand, adding to opening gains.



Naspers did not raise any money from the listing with the 439 million shares instead being distributed to current Naspers shareholders on a one-for-one basis for its listed shares and one for five unlisted A class shares



Founded 30 years ago, MultiChoice reaches around 14 million households in 50 African countries, offering both paid-TV products and a fledging streaming service called Showmax.



The company has said there are more than 25 million households across the continent yet to be captured by its traditional pay-TV business.



The spin off leaves MultiChoice — whose strong cash flow helped Naspers evolve into one world’s biggest players in e-commerce &#8211; free to fend for itself in an increasingly competitive market where Netflix is already supplying viewers with TV content and Hollywood hits.



“This is a momentous time for our business&#8230; This marks the next chapter in our development and growth,” said MultiChoice CEO Calvo Mawela.-Reuters



-Emma Rumney

Tag: Tencent

FORBES AFRICA SOCIAL MEDIA

Elon Musk Down Nearly $10 Billion In One Week As Tech Stocks Plunge

Africa’s Top Pay-TV Group Multichoice’s Market Cap Tops $3 Billion On JSE Debut