Why have Atlassian founders Michael Cannon-Brookes and Scott Farquhar lost billions?

They have lost approximately $7.2 billion this year due to a global stock sell-off targeting software companies perceived as vulnerable to artificial intelligence advancements.

How much have Atlassian shares fallen recently?

Atlassian's shares have slumped 48% year-to-date through February 18, making them the worst performers on the Nasdaq 100.

What is Michael Cannon-Brookes' outlook on AI for Atlassian?

Michael Cannon-Brookes believes AI is beneficial for Atlassian and confirmed the company is continuing to invest significantly in AI research and development.

Home / Business and Economy / Atlassian Founders Face AI Stock Market Carnage

Atlassian Founders Face AI Stock Market Carnage

19 Feb

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Summary

Australian tech billionaires lost $7.2 billion this year.
Atlassian shares plummeted 48% by February 18.
AI is seen as a threat to software stocks like Atlassian.

Atlassian Founders Face AI Stock Market Carnage

Michael Cannon-Brookes and Scott Farquhar, the co-founders of software firm Atlassian Corp., have experienced a substantial loss of wealth this year. The pair have collectively seen their net worth decrease by about $7.2 billion, representing a third of their fortunes, due to a global stock market downturn impacting companies perceived as threatened by artificial intelligence.

This downturn marks a significant reversal for the Australian tech entrepreneurs. Atlassian's shares have suffered a 48% decline through February 18, making them the worst performers on the Nasdaq 100 this year. Their recent losses have led to both executives falling out of the Bloomberg Billionaires Index, a list of the world's 500 wealthiest individuals.