Big Tech has had a rough year, with many startups failing and stock prices plummeting. As a result, seven of the world’s tech billionaires have lost a combined $433 billion in total wealth.
While some tech executives experienced financial challenges this year, others saw an increase in their wealth. Zhang Yiming, the founder of TikTok’s parent companyOther tech moguls saw losses, but not to an extremely worrying degree, such as Oracle co-founder Larry Ellison who lost $16 billion this year but has still retained his spot as the seventh-richest person in the world.
The seven billionaires include Elon Musk, who lost $132 billion in net worth this year and lost the title of world’s wealthiest person. His current net worth is, of course, still huge at $139 billion. Amazon founder Jeff Bezos lost $84.1 billion this year as Amazon shares plunged almost 50 percent, but still retains a fortune of $108 billion.
Google co-founder Larry Page and Sergey Brin saw similar losses, with Page losing $44.6 billion leaving him with a net worth of $83.8 billion and Brin losing $43.4 billion, leaving him with $80.2 billion. Bill Gates saw a loss of $28.7 billion, leaving his net worth at $109 billion. Gates’ decline roughly matches that of the S&P 500 this year, meaning that these losses have largely tracked with a broad view of the overall market and gauge of the economy. Many of Gates’ losses relate to his various investments in companies, real estate, and farmland. But Gates’ Microsoft shares also shrank by 30 percent having a negative effect on his net worth.
Former Microsoft CEO Steve Ballmer saw a loss of $20.2 billion this year leaving him with a net worth of $85.5 billion. Similarly to Gates, much of this is related to the decline in Microsoft shares, a company which Ballmer remained CEO of from 2000 to 2014. After retiring from Microsoft, Ballmer purchased the Clippers basketball team for $2 billion.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
These tech moguls lost a combined $433 billion this yearIt’s been a dreary year for tech stocks — and also for the massive wealth buckets of the executives and founders whose net worths are so closely tied to their company’s fortunes.
Read more »
Holding Tech Accountable: Best Of Forbes Tech 2022Read Forbes’ most definitive tech stories of 2022.
Read more »
Holding Tech Accountable: Best Of Forbes Tech 2022Read Forbes’ most definitive tech stories of 2022.
Read more »
Holding Tech Accountable: Best Of Forbes Tech 2022Read Forbes’ most definitive tech stories of 2022.
Read more »
Holding Tech Accountable: Best Of Forbes Tech 2022Read Forbes’ most definitive tech stories of 2022.
Read more »
Dr. Rachel Levine slammed after calling for Big Tech to clean up ‘misinformation’ on sex changeDr. Rachel Levine, the Biden administration’s assistant health secretary, has drawn pushback after advocating for tech platforms to crack down on “misinformation” about sex change procedures.
Read more »