The world’s biggest tech billionaires have suffered huge losses this year due to the continuous ups and downs in the stock market. According to reports, the loss to tech billionaires has crossed the half-trillion dollar mark.
Simply put, this reduction is so large that its value is more than the market value of all seven companies in the top rated S&P 500 companies.
What does the Bloomberg Billionaires Index report say?
According to the latest report of the Bloomberg Billionaires Index, there were major changes in the ranking of the world’s richest people. The world’s richest tech moguls, including top listers Mark Zuckerberg, Bill Gates and Larry Ellison, have so far lost more than $480 billion in paper assets.
Reports of declining earnings of many tech giants this week have raised fears of recession. Lowered stock prices and made a big impact on the net worth of the world’s richest people.
The biggest impact of the fall in stocks
According to the index ranking, the net worth of Mark Zuckerberg has fallen to $ 11.2 billion on Thursday alone. His net worth has come down by a quarter due to a sharp fall in the shares of Facebook’s parent company Meta Platforms. His company’s revenue has been slow for the second consecutive quarter.
Along with this, the losses of the company have increased due to the huge fall in the shares of Metaverse in the last few days.
Mark Zuckerberg also lags behind in the ranking of richest people
So far this year, the wealth of the Chief Executive of Meta has declined by more than $87 billion. According to the index report, the net worth of the Meta Chief Executive so far is $37.7 billion.
According to the data, despite being in the top 10 at the beginning of the year, Zuckerberg has slipped to 28th position due to loss.
Rising inflation became tension for tech companies
At the beginning of the covid-19 epidemic, there was a strong rally in the shares of tech companies, but now they are feeling the pain of record inflation, rising interest rates and slow digital advertising growth. Many companies are now doing cost cutting due to losses.
Along with this, along with monitoring the number of employees, layoffs are also being done.
Net worth of founders and senior executives also affected
Let us tell you that for the top executives and founders of the world’s big companies, their net worth is at least partly tied up in the stocks of their businesses.
This means that large fluctuations in the share prices of their companies have a profound effect on their net worth.
Elon Musk and Jeff Bezos also in the grip of decline
The world’s richest person Elon Musk and Amazon.Com founder Jeff Bezos have also come under the grip of market decline. Both of them have so far suffered property damage of more than $ 58 billion. Both these industrialists have once topped the list of the world’s richest people.
Mr. Musk, the chief executive of the auto mobile company Tesla and SpaceX, a company associated with space technology, is a world-renowned personality. Nowadays, due to the takeover of Twitter, he often remains in the headlines.
Present-day Musk’s net worth is around $212 billion and talk about Jeff Bezos’s wealth, his net worth is $134 billion. Let us tell you that on Friday, the shares of Amazon have fallen by 7%. Due to which the property of Jeff Bezos has also seen a decline.
A sharp drop in the net worth of veterans
Google’s parent company Alphabet Inc. Co-Founders of Larry Page and Sergey Brin, whose name is included in the 10 richest people in the world. Due to the ups and downs of the market, this time his net worth has also fallen badly. Let us tell you that for the first time, year-on-year advertising sales of YouTube were recorded by Alphabet.
Due to this, both have lost more than $40 billion in property this week.
American tech tycoons among most billionaires
According to the Bloomberg Billionaires Index report, most of the billionaires in this list are American tech tycoons. But there are also some names that are non-American Tech Billionaires. The biggest names among them include Jack Ma Yun, the co-founder and former chief executive of China’s e-commerce giant Alibaba Group Holding Limited.
According to the Billionaires Index, he has lost $9.3 billion since the beginning of this year. He currently has a net worth of $29.1 billion.