Steve Ballmer Drops From No. 9 To No. 14 Richest As Microsoft Stock Tanks

ByTy Roush,

Forbes Staff.

Former Microsoft CEO Steve Ballmer’s net worth was cut by more than $14 billion on Thursday as the company’s stock plummeted, pacing what would be the tech giant’s worst single-day loss in nearly six years after revenue from its cloud-computing unit failed to grow as expected.

Shares of Microsoft plunged by 12% to around $423.50 as of 12:55 p.m EST, the largest intraday loss for the stock since March 16, 2020.

Microsoft on Wednesday reported quarterly revenue of $81.27 billion and $4.14 earnings per share, surpassing Wall Street’s estimates of $80.3 billion and $3.91 EPS, according to FactSet, though revenue from its Azure unit grew 39% annually, better than the expected 38.4%, but slower than the 40% reported the previous quarter.