Tech Billionaires Lost Chances in 2022

The collapse of US tech giants in 2022 price the world’s richest folks billions of {dollars}.

Elon Musk

Long thought-about the richest man in the world, South African Elon Musk, the proprietor of Tesla and SpaceX, has been ousted from the highest spot by French businessman Bernard Arnault.

According to Bloomberg Billionaires Index, Musk has misplaced $140 billion since January. Despite this, his wealth is 130 billion {dollars}.

This spectacular decline is principally as a result of fall of Tesla on Wall Street (-69% on Dec. 28).

Electric automobile maker Tesla was as soon as a cash maker. But its shares have fallen since Musk purchased Twitter in late October for $44 billion.

Musk’s selections after taking on the social community precipitated controversy, such because the dismissal of half of the corporate’s workers or the reopening of the account of former US President Donald Trump, which was closed for inciting violence.

Mark Zuckerberg

Facebook founder Mark Zuckerberg has stepped up efforts to advertise the metaverse, a digital world introduced by activists as the way forward for the Internet.

However, buyers weren’t fooled by the metaverse, as evidenced by the autumn in the worth of Meta, the mum or dad firm of Facebook and Instagram, which has misplaced 66% of its worth for the reason that starting of the yr.

Zuckerberg’s internet value fell by $81 billion to $44.4 billion.

Relying closely on promoting income, Meta, the corporate behind Facebook, has additionally suffered from rising world costs and elevated competitors.

Jeff Bezos

Since beginning at Amazon in July 2021, Jeff Bezos has spent most of his time exploring house along with his firm Blue Origin.

Its wealth, nonetheless, is intently associated to the worth of shares of Amazon, the net procuring large, which fell greater than 49% in 2022.

The CEO of Amazon’s board of administrators, Bezos has misplaced greater than $86 billion this yr. His fortune is estimated at 106 billion {dollars}.

The 58-year-old businessman, who additionally owns The Washington Post, advised CNN in November that he plans to present the majority of his fortune to charity.

Larry Page and Sergey Brin

The two founders of Google, Larry Page and Sergey Brin, haven’t been on the firm since 2019, once they left their positions on the mum or dad firm, Alphabet, which additionally contains YouTube and e-mail Gmail.

He does, nonetheless, sit on the board of administrators of Alphabet, which is the biggest shareholder.

A 39% drop in Alphabet’s shares since January, which has decreased its promoting spending and rivals like TikTok, has damage each males’s fortunes. Page is down $46.1 billion and Brin is $44.8 billion.

But they’re nonetheless among the many richest folks in the world: Page is on tenth, with $82.3 billion, and Brin is eleventh, with $78.8 billion.

Zhang Yiming

Chinese billionaire Zhang Yiming is not any exception to the tech catastrophe. The fortune of the proprietor of ByteDance, the proprietor of TikTok, grew by $ 10.4 billion in 2022, to be value $ 55 billion. This made him the twenty third richest individual in the world.

But TikTok is amongst US officers, who’re involved about doable hyperlinks between the favored video app and the Chinese authorities.

President Joe Biden’s administration has banned TikTok from being put in on the telephones of presidency workers and will pressure ByteDance to promote the US app.


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