Tech billionaires have lost $433 billion this year

Tech billionaires
Source: Washingtonpost

The leading tech firms’ stock market prices have dropped significantly in 2022, taking their founders’ wealth with them. After two years of the COVID-19 pandemic, the leading international tech groups are returning to reality.

Tech stock prices are plummeting after two years of the pandemic. The online giants have had two perfect years, while a large portion of the global economy has suffered greatly from health constraints. Online services have become extremely popular and have insured the survival of numerous enterprises. Due to the Internet, people have been able to live and consume even while confined at home. The GAFAMs were so crucial at this time that the stock prices of firms like Apple, Google, Amazon, and Microsoft skyrocketed.

Tech stock prices have collapsed on the stock market throughout 2022 as a result of people getting back to their usual lives. These companies’ founders or managers, whose wealth is largely comprised of shares, have logically followed the trend.  However, they still have a lot of money.

Musk, Bezos, Zuckerberg & others face billions in losses

Phoro Source: Prime Video

According to The Washington Post, billionaires lost a total of $433 billion in 2022. Elon Musk saw the most severe decline, losing 132 billion dollars in a single year. Elon Musk’s selling of securities in preparation for the takeover of Twitter is also to blame for the ongoing decline in Tesla‘s stock price throughout this year. Investors panic, and the company’s decline appears to continue.

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$84 billion was lost by Jeff Bezos. Users are avoiding the e-commerce giants in favor of conventional stores, giving Amazon one of the worst years in the company’s history. However, he still controls about 108 billion dollars.

Mark Zuckerberg has seen 80 billion dollars disappear. Due to rising TikTok competition, soaring costs for creating the metaverse, and ad revenue, his Meta business is in a severe crisis. The combined wealth of Google founders Sergei Brin and Larry Page decreases by 88 billion dollars. As a result of the last mentioned factor.

Finally, Bill Gates and Steve Ballmer reduce the damage to 28 and 20 billion dollars, respectively. The company, which continues to advance in the field of cloud computing, is in good shape. So the two former Microsoft executives can rely on it. However, lower demand for PCs should still reduce their numbers a little more in the following year.

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