The five richest global tech tycoons collectively lost about $85 billion of their fortune in the first few weeks of 2022, as their fortunes took a particularly big hit from a massive market sell-off last week, according to Business Insider.
The losses have plunged the wealth of the world’s richest person “Elon Musk” to an estimated $243 billion — nearly $27 billion less than it was at the begining of the year, according to the Bloomberg Billionaires Index. It’s also about $100 billion less than in November, when Musk’s net worth peaked at $335 billion.
Jeff Bezos, the world’s second-richest person, also lost about $25 billion in 2022.
Gates/ Larry Page
Microsoft founder Bill Gates has seen his net worth drop by $9.5 billion since January 1, according to Bloomberg Index, while Google co-founder Larry Page’s net worth has fallen by $12 billion.
As for Mark Zuckerberg, founder of Meta Platforms, net worth has also fallen by about $12 billion this year.
All five experienced losses in their holdings of technology stocks. Last week, the high-tech Nasdaq composite was down about 8% on several concerns including rising interest rates and inflation. The Nasdaq is down about 13% this year.
According to Bloomberg, the only person among the five richest people in the world who did not lose money last week is Bernard Arnault, chairman and CEO of French luxury giant LVMH. However, Arnault’s fortune has fallen by $10.5 billion this year, with LVMH’s share price down 5% amid a broader market rout.
Here’s how the world’s six richest people have performed on the Bloomberg Billionaires Index: