RT.com
25 Jan 2022, 00:12 GMT+10
Wealth of world's 5 richest people tumbled by $85 billion in a brutal week for tech stocks
The world's five richest tech billionaires collectively lost $85.07 billion of their wealth in the first few weeks of 2022 due to a market rout. Stock markets dropped the most last week since the outbreak of the pandemic on fears of rising interest rates and inflation. The tech-heavy Nasdaq index slid 8% last week and is down 13% this year.
The losses sent the fortune of the world's richest person, Elon Musk, down to $243 billion. The net worth of the SpaceX and Tesla founder tumbled $27 billion since the start of the year, according to the Bloomberg Billionaires Index. Data shows it is nearly $100 billion lower than November 2021, when Musk's net worth peaked at $335 billion.
The world's second-richest person, Amazon founder Jeff Bezos, has lost around $25 billion in 2022. Microsoft co-founder Bill Gates saw a $9.5 billion drop in his net worth since January 1, while Google co-founder Larry Page's net worth declined by $12 billion. Facebook's Mark Zuckerberg's net worth (sixth on Bloomberg's rich list) also nosedived by about $12 billion so far this year. All of them saw losses in their tech stock holdings.
The only billionaire in the top five who avoided losses last week was French luxury fashion mogul Bernard Arnault. Even so, the wealth of the chairman and CEO of the luxury giant LVMH is down $10.5 billion so far this year. Arnault is on the cusp of re-taking the number two spot in the Bloomberg index from Bezos.
For more stories on economy & finance visit RT's business section
(RT.com)
Get a daily dose of Mexico Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Mexico Star.
More InformationRecent research has linked playing video games in childhood with an increase in intelligence. While parents and carers may be ...
New York [US], May 23 (ANI/Xinhua): New York City, the most populous city in the United States, has entered into ...
Lahore [Pakistan], May 23 (ANI): Pakistan Prime Minister Shehbaz Sharif has issued a warning against Pakistan Tehreek-e-Insaf's (PTI) Chairman Imran ...
Beijing [China], May 23 (ANI): The United States has said it was "deeply concerned" about United Nations High Commissioner for ...
New Delhi [India], May 23 (ANI): In a major relief, the Centre on Monday relaxed family pension rules for missing ...
The Ukraine war and other conflicts pushed the number of people forced to flee conflict, violence, human rights violations and ...
SAN FRANCISCO, California: In a letter released this week, the archbishop of San Francisco, Salvatore Cordileone, said U.S. House Speaker ...
BERLIN, Germany: At least 43 people were injured after a tornado struck the western German city of Paderborn on May ...
WASHINGTON D.C.: The Department of Justice has said that an American citizen and four Chinese intelligence officers have been charged ...
WASHINGTON D.C.: Due to the inability of businesses to hire enough workers, the U.S. has announced that it will grant ...
WASHINGTON D.C.: U.S. senators Elizabeth Warren and Mike Rounds have introduced a bipartisan resolution requesting the Federal Trade Commission (FTC) ...
MOSCOW, Russia: According to preliminary data released by the finance ministry this week, almost three months after Moscow's invasion of ...