The world’s 20 richest tech billionaires have lost as much as half a trillion dollars in 2022 this year alone as a result of the stock market plunge, skyrocketing interest rates and record inflation.
The richest tech giants include Mark Zuckerberg, Bill Gates and Larry Ellison and have seen more than $480 billion of their wealth wiped out according to the Bloomberg Billionaires Index which daily ranks the richest people in the world.
Their financial troubles were further compounded this week with a slew of tech giants reporting disappointing earnings.
On Thursday, Mark Zuckerberg saw his net worth drop another $11 billion, meaning his net worth has now plummeted by more than $100 billion in just over a year.
Meta reported a revenue decline for the second consecutive quarter this week.
The company struggles to come out on top after throwing $70 billion into the Metaverse, the immersive virtual world that has been mocked for containing infinite empty rooms after failing to attract users.
The company’s revenue slowed for the second quarter in a row, raising new questions about Meta’s plans to pump more money — at least $10 billion a year — into the virtual realm as investors cast doubt on growth.
The 20 Richest Tech Billionaires Have Lost Nearly Half a Trillion Dollars This Year Moguls, including Mark Zuckerberg and Jeff Bezos, have collectively lost more on paper than the market values of most S&P 500 companies
Mark Zuckerberg has seen his net worth drop another $11 billion, meaning his net worth has now plummeted by more than $100 billion in just over a year.
Meta CEO Mark Zuckerberg saw his net worth drop another $11 billion this week after another poor quarterly report, and the massive drop has hit $100 billion since September last year.
The company is also hurt by declining ad sales as it faces competition from TikTok’s wildly popular video app.
The Menlo Park, California-based company earned $4.4 billion, or $1.64 per share, in the three-month period ended September 30. That’s 52% less than $9.19 billion or $3.22 per share, in the same period a year earlier.
Tech companies experienced strong growth at the start of the pandemic, but now high levels of inflation, rising interest rates combined with a slowdown in digital advertising growth have pushed profits into companies that are now becoming more cost-conscious and laying off staff.
The Nasdaq, which mainly consists of tech companies, is down 29 percent this year.
The richest person in the world, Elon Musk and Amazon founder Jeff Bezos, have each seen more than $58 billion in wealth wiped out this year.
In the past week alone, Musk’s net worth has jumped from $200 billion to $212 billion, according to Bloomberg estimates.
Just shy of $20 billion in 2019, the newly crowned ‘Chief Twit’ has amassed fortunes at an alarming rate, currently reaching unbeatable figures of $212 billion.
In a week that saw Musk’s Twitter deal finalized, Musk’s net worth continued to grow even higher — but he’s lost $58.6 billion in the past year
Musk announced his acquisition on Twitter with a message that read: ‘the bird is free’ before firing top executives at the company
According to Bloomberg, Musk has seen his net worth increase by about $10 billion in the past week
Amazon Found Jeff Bezos With His Girlfriend Lauren Sanchez
He overtook Amazon founder Jeff Bezos in 2021 to become the richest man in the world and later became the first person to have a net worth of more than $300 billion.
In a week when his Twitter deal was finalized, his net worth continued to grow even higher.
A significant portion of Musk’s assets would come from his shares in car company Tesla, in which he first invested and became a majority shareholder in 2004. He later became the CEO in 2008.
Despite Musk insisting he doesn’t believe in selling his stock, he was forced to sell about $7 billion of his Tesla stock ahead of his lawsuits with Twitter.
His stake in Tesla, the bulk of his assets, is now estimated at about $120 billion. However, according to FactSet, at the end of September, his stake was 14.9% of the shares outstanding — an investment valued at approximately $124 billion.
In addition to his Tesla wealth and now his new $44 billion Twitter deal, his efforts with SpaceX have generated a stake of about $47 billion.
On Wednesday, the billionaire posted a video of him walking into Twitter’s San Francisco headquarters holding a china sink with the caption, “Enter Twitter HQ, let that sink in”
Bill Gates (pictured) saw his net worth drop $28.7 billion to $109 billion
The three companies together make the estimate for his staggering net worth.
Among other business ventures, Musk also owns The Boring Company, which aims to beat traffic using underground tunnels.
It is believed that, in addition to his business interests, Musk also has a number of high-value properties.
Jeff Bezos’ net worth is now estimated at $134 billion.
Amazon shares fell 7 percent Friday as Wall Street was disappointed with the company’s sales forecast for the current quarter, which fell short of analysts’ expectations.
The 58-year-old has a nearly ten percent stake in the company he founded in 1994, making him the fourth richest person in the world.
The richest person in Beijing was Zhang Yiming, the founder of the video-sharing app TikTok, and the CEO of parent company ByteDance (pictured)
But shares fell after warnings that Christmas sales would be weaker than expected and gains could be knocked out.
Amazon shares are down about 40 percent this year.
Bill Gates saw his net worth drop by $28.7 billion to $109 billion.
Google co-founders Larry Page and Sergey Brin have also suffered losses of more than $40 billion in paper money this year. Their losses were further dented this week after parent company Alphabet reported the first-ever year-on-year decline in YouTube ad sales.
Of the 20 richest tech billionaires, only two have managed to add wealth to their net profits since the beginning of the year.
TikTok founder Zhang Yiming’s net worth increased by $10.4 billion and is now worth $54.9 billion.
Memphis Grizzlies owner Robert Pera is the founder of Ubiquiti, a wireless equipment manufacturer, which manufactures in southern China and reportedly gets about 10 percent of its revenue from Asia.
His net worth increased by $1.3 billion, giving him a net worth of $14.7 billion.
Memphis Grizzlies owner Robert Pera (left) is the founder of Ubiquiti, a wireless equipment manufacturer, which manufactures in southern China and is said to get about 10 percent of its revenue from Asia.
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