Tech Billionaires See Wealth Shrink Amid 2022 Stock Crunch

Tesla and SpaceX boss was the world’s richest person in 2021. However, over half of his net worth evaporated this year which further boosted France’s luxury goods mogul Bernard Arnault to the top spot. According to Bloomberg’s index of the world’s richest people, Elon Musk lost $140 billion in 2022 due to Tesla’s share price collapse. It left his total net worth at $130 billion. Tesla is now under question after Musk pushed through with a $44 billion buyout of Twitter which is indeed an expensive distraction. According to reports, Elon largely financed his $44 billion buyout of Twitter by selling off shares in Tesla. It means that he put the share price into an even steeper downward spiral.

Then comes Mark Zuckerberg.No doubt, the Facebook founder put all his efforts into promoting the so-called metaverse. However, investors are not confident that the world will be going completely virtual anytime soon. So, his idea of Metaverse didn’t go well. Due to this, the share price in Meta, Facebook’s parent company has fallen off in 2022. It took $81 billion off of Zuckerberg’s fortune, leaving it at $44.4 billion as of December 28. One biggest reason is that Meta has been facing stiff competition from TikTok and archrival Google.

CEO of Amazon, Bezos has devoted much of his time in order to develop space exploration projects through his company Blue Origin. Let me tell you that the online retail giant’s share price, has fallen by more than 49 percent in 2022. As Amazon’s executive chairman, he lost more than $86 billion in 2022, leaving a fortune estimated at $106 billion.