Dramatic swings in stock prices are causing serious alarm – but these huge companies are no longer fragile startups
‘Everybody loves a party … but, inevitably, after a big party there’s a hangover,” billionaire investor Stanley Druckenmiller said last week as stock markets seesawed amid fears that a new tech bubble was about to burst. “Right now, we’re in an absolute raging mania,” he said.
And at times it did look like a tech bubble was about to burst again. Last Tuesday, Tesla’s shares fell 21% and Elon Musk’s net worth plunged $16.3bn (£12.7m), the largest single-day wipeout ever for a member of the Bloomberg Billionaires Index. Amazon’s founder, Jeff Bezos, lost $7.9bn. The whiplash continued throughout the week but, for many market watchers, it is still too soon to call time on tech’s stellar rise.
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