Will 2023 shrink their fortunes further?
to their personal fortunes as stocks of tech companies soared while others tanked. 2022, on the other hand, has sucked the steam out of the tech stocks, which have lost their pandemic momentum.Former CEO of Microsoft, Steve Ballmer, lost nearly $20 billion of his personal fortune which was tied largely to Microsoft stock and the software company saw a dip in its operating system sales in 2022. Microsoft co-founder Bill Gates, who also has investments in stocks of other companies, lost $28.
Google co-founders Sergey Brin and Larry Page, who own nearly 86 percent of parent company Alphabet's Class B shares, lost $89 billion together as digital advertising also took a nosedive after the U.S. Federal Bank hiked interest rates in 2022. Changpeng "CZ" Zhang's drop in fortune was even greater as the cofounder of Binance lost $83.3 billion, and the prices of cryptocurrencies crashed and investors withdrew billions from the platform.Former CEO of Amazon, Jeff Bezos, saw his company's stock price drop by 50 percent in 2022 and lost $85.2 billion. His ex-wife, MacKenzie Scott, who holds a three percent stake in the company, lost $37.3 billion during the same period.
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