Worlds Richest Tech Execs Lose Over $400 Billion In 2022

The world's six richest tech founders and CEOs have lost more than $400 billion since the beginning of the year as a spate of supply chain disruptions, rising inflation and rising interest rates helped reverse massive gains in tech stocks. Peak of the corona pandemic in 2021.

Tesla CEO Elon Musk, Microsoft founder Bill Gates, Meta's Mark Zuckerberg, Amazon's Jeff Bezos and Alphabet's Larry Page, and Sergey Brin have collectively lost $427 billion (£353 billion) since January, according to the Bloomberg Billionaires Index.

Elon Musk's fortune suffered the most this year, losing more than $140 billion after the Twitter CEO lost the world's richest man crown to French billionaire Bernard, according to the Index. Arnaud.

Musk is believed to have sold nearly $4 trillion in Tesla stock in 2022 to fund his $44 billion acquisition of Twitter, reducing the value of the electric carmaker's remaining stake , as the stock hit a two-year low this week.

Meanwhile, Facebook founder and Meta CEO Mark Zuckerberg saw his fortunes shrink by $81.1 billion this year after telling his 38-year-old employees he would be forced to lay off more than 10,000 workers to help to save costs.

Meta shares are down 65% year-to-date as the company grapples with falling advertising revenue and investor optimism about Zuckerberg's "Metaworld" ambitions.

The Nasdaq 100 technology sector index, which tracks the value of some of America's largest technology companies, is down 41% year-to-date.

Lan Yue, the founder and chief operator of crypto exchange BIT, said: “There is no doubt that if you lose money, the house of cards will collapse.

“Look at the data and you'll see that the Nasdaq really started to suffer when the Fed started raising rates in March. And technology, as always, was one of the first victims of the next bear market.

"After a period of naïve optimism and financial abundance, it's time for the tech sector to get back to reality."

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