Tech moguls including Elon Musk, Jeff Bezos, Bill Gates and Larry Page have all lost so much money that their total wealth has plummeted. This happened between January and May. What's the reason behind it?
According to data compiled by the Bloomberg Billionaires Index, the four famous figures have their total wealth decreased by over USD 140 billion.
The reason is that the stock prices of technology companies have recently fallen due to the current unfavorable macroeconomic conditions, such as high interest rates, rising inflation and the war between Russia and Ukraine.
As quoted by us from the Economic Times, Elon Musk, as the richest person in the world, has lost around USD 46 billion in the last 5 months, while Amazon owner Jeff Bezos has fallen more than USD 53 billion.
The founder of Microsoft Bill Gates since January has lost about USD 15 billion. Co-founder Google, Larry Page, also fell in the range of USD 26 billion.
The big decline experienced by Elon Musk can not be separated from the poor performance of the electric vehicle company Tesla, where the price has fallen more than 33% in the last 6 months.
Elon Musk owns about 15.6% of Tesla's shares. Apart from Tesla, his wealth is also pretty much supported by his share ownership in the spacecraft company he controls, SpaceX, which is currently getting a higher valuation.
Another technology frontman, namely Facebook founder Mark Zuckerberg, has also suffered the same fate due to the increasingly unfriendly economic situation. His wealth is estimated to have fallen by around USD 53 billion.