In 2022, tech billionaires have lost power

In 2022, the collapse of US tech giants price the world’s richest individuals billions of {dollars}.

Elon Musk

Long thought-about the world’s richest man, South African Elon Musk, the proprietor of Tesla and SpaceX, has been toppled from the highest spot by French luxurious entrepreneur Bernard Arnault.

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

This spectacular decline is basically as a consequence of Tesla’s collapse on Wall Street (-69% on December 28).

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

Musk’s selections since taking on the social community have sparked controversy, corresponding to firing half of the corporate’s staff or reopening former US President Donald Trump’s account, which was closed for inciting violence.

Mark Zuckerberg

Facebook founder Mark Zuckerberg has redoubled efforts to advertise the metaverse, the digital world that its promoters tout as the way forward for the Internet.

However, buyers have not been seduced by the metaverse, as evidenced by the plunging share worth of Meta, the father or mother firm of Facebook and Instagram, which has lost 66% of its share worth because the starting of the yr.

Zuckerberg’s fortune was lowered by 81 billion {dollars}, reaching 44.4 billion {dollars}.

Heavily depending on promoting income, Meta, the corporate behind Facebook, has additionally been hit by world inflation and elevated competitors.

Jeff Bezos

After leaving the Amazon CEO in July 2021, Jeff Bezos has devoted most of his time to house exploration along with his firm Blue Origin.

His wealth, nonetheless, stays firmly tied to the worth of Amazon, the net buying big’s inventory, which has fallen greater than 49% in 2022.

Bezos, the CEO of Amazon’s board of administrators, has lost 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, informed CNN in November that he plans to donate most of his belongings to charity.

Larry Page and Sergey Brin

Google’s two founders, Larry Page and Sergey Brin, have not been on the firm’s helm since 2019, after they resigned from father or mother firm Alphabet, which additionally contains YouTube and electronic mail service Gmail.

They do, nonetheless, sit on the board of administrators of Alphabet, of which they’re the most important particular person shareholders.

A 39% drop in Alphabet’s inventory since January, which has seen its advert income shrink and struggles with rivals corresponding to TikTok, weigh on each males’s fortunes. Page decreased by $46.1 billion, and Brin’s by $44.8 billion.

But they’re nonetheless among the many richest individuals on this planet. Page is tenth with $82.3 billion, and Brin is eleventh with $78.8 billion.

Zhang Yiming

Chinese billionaire Zhang Yiming is an exception to the technological catastrophe. ByteDance’s fortune, the proprietor of TikTok, elevated by US$10.4 billion to US$55 billion in 2022. This made him the twenty third richest particular person on this planet.

But TikTok is beneath scrutiny from US officers, who’re involved about potential ties between the favored video app and the Chinese authorities.

President Joe Biden’s administration has banned TikTok from the telephones of federal staff and should drive ByteDance to promote the US model of the app.


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