Tech stocks rebounded this week, following last Friday’s drop in response to the news that President Donald Trump and a number of his staffers had been diagnosed with Covid-19—and despite a newly released investigation from the U.S. House of Representatives that was highly critical of the country’s four biggest tech companies.
Amazon stock rose 5% over the course of the week, compared to a 3.2% and 3.8% increase in the Dow Jones Industrial Index and S&P 500, respectively. It climbed 3% alone on Friday after the company revealed a slew of electronics and other goods that will be heavily discounted during the annual shopping event, scheduled for October 13 and 14.
The uptick in Amazon stock added $8.8 billion to the fortune of Amazon CEO Jeff Bezos, the richest person in the world, from after the markets closed on Friday, October 2 through the end of day on Friday, October 9. His ex-wife, MacKenzie Scott, got $3 billion richer this week thanks to her 4% Amazon stake.
Former Microsoft CEOs Bill Gates and Steve Ballmer also got wealthier, as the company’s stock rose 4.7% over the week. Capitalizing on the boom in gaming during the pandemic, Microsoft announced a partnership with GameStop on Thursday that enables the video game retailer to use Microsoft’s cloud and work applications, and will expand Microsoft’s Xbox product line available at the store.
On Friday, The Verge reported that Microsoft has also joined a growing list of companies, including Facebook and Twitter, that are making work from home a permanent fixture. The company will allow employees to work remotely for less than half of their work week. Gates ended the week $2.1 billion richer, while Ballmer was up $2.6 billion.
Tesla CEO Elon Musk gained $3.5 billion in the past week in part thanks to a new target share price from a Wall Street analyst. On Thursday, Pierre Ferragu from New Street targeted Tesla at a lofty $578, citing a lack of meaningful competition. The electric car company’s stock closed Friday at $434 a share.
Self-driving car firm Waymo, which is owned by Google parent Alphabet, debuted its driverless taxi service on Thursday in the Phoenix area. Musk criticized Waymo’s system as being limited by its dependence on maps. The market was happy enough with Waymo, and Alphabet’s stock was up 3.9% for the week, adding $2.3 billion and $2.1 billion, respectively, to the fortunes of Google cofounders Larry Page and Sergey Brin.
Chinese billionaires also experienced gains this week as the yuan hit its highest value against the U.S. dollar in 17 months. Part of that surge is attributed to former Vice President Joe Biden’s lead in the polls against Donald Trump. Tencent chair Ma Huateng and Pinduoduo founder and CEO Colin Zheng Huang got the biggest bumps of any Chinese billionaires this week, adding $2.9 billion each to their fortunes. Bottled water billionaire Zhong Shanshan also ranked as one of the top gainers, ending the week $2.6 billion richer.