According to MoneyTransfers.com, the top richest tech moguls in the US have lost a combined $500 billion since the beginning of 2022.
The biggest loser on the list is Facebook’s co-founder Mark Zuckerberg, whose net worth has tumbled by $77.4 billion since January 1st. He is followed by Tesla’s Elon Musk, who has seen his fortune drop by $64.3 billion over the same period. Amazon founder and CEO Jeff Bezos have also been hit hard, losing $56.7 billion since the start of the year.
Other notable tech billionaires who have seen their net worths decline sharply in recent months include Google co-founders Larry Page and Sergey Brin and Oracle founder Larry Ellison.
Commenting on the data, MoneyTransfers CEO Jonathan Merry said, “It’s been a tough year for the tech industry, with many of the biggest names in the sector seeing their fortunes plummet. The stock market volatility has taken its toll on even the richest of individuals. There are some bright spots, though. Elon Musk remains the world’s richest tech billionaire, despite losing $64.3 billion since January 1st.”
Reasons Behind the Losses
Amazon, Alphabet, and Uber recorded losses, meaning the billionaires behind these investments felt the impact. Among the reasons quoted is inflation. Money became less valuable, so while these billionaires had the same number of dollars, each one was worth less.
This meant that their net worths went down in terms of real value, even though the stock market indices were climbing.
The other reason is that many tech stocks got ahead of themselves and were due for a correction. The valuations were unsustainable, and the market was due for a pullback. This has been especially true in the case of electric vehicle stocks, which have seen massive gains over the past year but have come back down to earth in recent months.
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