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Tech shares plummet

Gates loses a fortune
Thu Feb 14 2008, 08:28

SOFTWARE King of the World Sir William Gates III has lost more than $3 billion of his personal fortune since Microsoft tried to buy Yahoo.

That figure is what the deal has done to the share price of Microsoft since it was announced.

But as the Sydney Morning Herald points out, Gates is not the only one who has been suffering. Tech stock prices have been haemorrhaging on the back of US recession fears and predictions of a coming slowdown in technology spending sector.

Microsoft CEO Steve Ballmer, Google bosses Sergey Brin, Larry Page and Eric Schmidt, and Dell founder Michael Dell have seen their paper wealth plumet like a team of free falling elephants who have forgotten the central requirement of their act.

Even Apple, which should be doing well because of a strong demand for its entertainment gadgets, has seen its share price drop by 40 per cent. Steve Jobs, has lost $400 million in the last six weeks.

More here. µ


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