Tech Billionaires Who Lost Half A Trillion Dollars This Year
Last week, bad earnings reports sent tech stocks tumbling, and the founders of companies lost billions of dollars.
This year, high inflation and rising interest rates have made it so that a group of tech billionaires have lost almost $500 billion.
As a result of Meta's poor financial results,
saw a decline of $11.2 billion in his own wealth.
The revenue of the corporation experienced its second straight quarterly decline for the second quarter in a row.
Zuckerberg's wealth has dropped $87 billion this year. He's worth $37.7 billion presently, 73% less than in September 2021.
, who runs Tesla Inc., and Jeff Bezos, who runs Amazon.com Inc., have both lost more than $58 billion in wealth this year.
Inflation affects consumer discretionary stocks. For example, S&P 500 Consumer Discretionary elements are down 31% since 2022, compared to the S&P 500's 18.21%.
s' overall wealth is estimated to be $134 billion, which is far lower than Musk's current worth of $212 billion.
Larry Page and Sergey Brin
, who started Alphabet Inc., lost more than $40 billion in paper wealth this year.