Elon Musk to Jeff Bezos: World's 5 tech businessmen lose $85 billion in week
The world's five richest tech tycoons have collectively lost approximately $85 billion of their wealth in the first few weeks of 2022, with their fortunes suffering a huge fall from last week's.
The world's five richest tech tycoons have collectively lost approximately $85 billion of their wealth in the first few weeks of 2022, with their fortunes suffering a huge fall from last week's. According to a Bloomberg report, the losses reduced the fortune of the world's richest person, Elon Musk, to an estimated $243 billion - $27 billion less than at the start of the year. It's also about $100 billion lower than Musk's valuation in November. The world's second-richest person, Jeff Bezos, has lost almost $25 billion in 2022.
As per the Bloomberg index, Microsoft co-founder Bill Gates's net worth has dropped by $9.5 billion since January 1, while Google co-founder Larry Page's net worth has dropped by $12 billion. The media reports suggest Bernard Arnault, the chairman and CEO of the French luxury conglomerate LVMH, was the only one of the world's five wealthiest persons who did not lose money last week. Nonetheless, Arnault's fortune is down $10.5 billion this year, with LVMH share prices down 5% amid a broader market downturn.
Mark Zuckerberg's net worth has plummeted by around $12 billion this year, rounding out the losses. Each of the five suffered a drop in the value of their tech stock holdings. The benchmark tech-heavy Nasdaq Composite sank roughly 8% last week due to many worries, including increasing interest rates and inflation. This year, the Nasdaq is down approximately 13%.
Meanwhile, according to a recent report, the world's ten wealthiest men gained their fortunes over the first two years of the coronavirus outbreak, but poverty and inequality soared dramatically. Oxfam reported in a briefing issued ahead of a virtual mini-summit of world leaders being held under the auspices of the World Economic Forum that men's wealth climbed from $700 billion to $1.5 trillion at an average rate of $1.3 billion each day.