Tech billionaires see wealth shrink amid 2022 stock crunch

WASHINGTON, Dec 30 ― The fortunes of Silicon Valley billionaires took a beating in 2022 as share charges of the world’s tech giants plummeted.

Right here are some of the worst strike by this year’s tech stock downturn.

Elon Musk

Just after becoming the world’s richest man or woman in 2021, the Tesla and SpaceX manager observed over half of his internet truly worth evaporate this 12 months, boosting France’s luxury merchandise mogul Bernard Arnault into the leading place.

Musk shed US$140 billion (RM619 billion) in 2022 owing to the collapse of Tesla’s share rate, leaving his total net value at US$130 billion, according to Bloomberg’s index of the world’s richest people.

The moment the darling of Wall Road buyers, the long term of the electric powered motor vehicle organization is now underneath concern right after Musk pushed by way of with a US$44 billion buyout of Twitter that quite a few observers see as an high-priced distraction.

Musk mainly financed his $44 billion buyout of Twitter by offering off shares in Tesla, placing the share price tag into an even steeper downward spiral.

Mark Zuckerberg

The Fb founder has place all his endeavours into advertising the so-known as metaverse, but investors are not as assured that the world will be going totally digital at any time soon.

The share rate in Meta, Facebook’s father or mother business, has fallen off a cliff in 2022.

Wall Street’s deficiency of assurance has sliced US$81 billion off of Zuckerberg’s fortune, leaving it at US$44.4 billion as of December 28.

Meta has confronted rigid levels of competition from breakout app TikTok and ― like archrival Google ― is plagued by a morose promotion sector as the earth economic climate faces a downturn amid significant inflation.

Jeff Bezos

Because stepping down as CEO of Amazon in July 2021, Bezos has devoted considerably of his time to building house exploration assignments by way of his organization Blue Origin.

His fortune nevertheless remains intensely tied to the on-line retail giant’s share price, which has fallen by more than 49 % in 2022.

Bezos, who remains as Amazon’s government chairman, has lost a lot more than US$86 billion this yr, leaving a fortune approximated at US$106 billion.

The 58-calendar year-old entrepreneur and owner of the Washington Post also told CNN in November that he planned to donate most of his prosperity to charity all through his lifetime.

Larry Webpage and Sergey Brin

The two Google founders have not helmed the corporation since 2019, but continue to be board members of parent business Alphabet, which also owns health, synthetic intelligence and other subsidiaries.

Alphabet’s share rate has declined 39 p.c considering the fact that January, punished by declining on the net advertising revenues and amplified competition from Apple and Amazon.

Page’s wealth is down to US$46.1 billion and Brin’s is down to US$44.8 billion. They are continue to the 10th and 11th richest folks on the world, in accordance to Bloomberg.

Zhang Yiming

The Chinese billionaire is an outlier to the tech debacle. The founder of TikTok-owner Bytedance noticed his fortune increase by US$10.4 billion in 2022.

His US$55 billion internet worthy of makes him the second richest individual in China and 23rd richest man or woman in the world.

But storm clouds are looming for TikTok as political tension builds in Washington around accusations that the movie-sharing app’s immense results leaves the United States vulnerable to Communist Party-led China.

Federal officials have previously banned TikTok on federal government phones and are reportedly mulling whether to pressure Bytedance to market its US model of the app. ― AFP