The fortunes of Elon Musk, Jeff Bezos, and Mark Zuckerberg have lost a fantastic amount in the last six months. According to a Bloomberg report, the three tech bosses each lost more than $60 billion.
Musk, the world's richest man, lost $62 billion, while Bezos lost about $63 billion. Meanwhile Zuckerberg lost $65.5 billion, more than half of his total wealth.
The tumultuous crypto market also affected the fortunes of Changpeng Zhao, founder and CEO of Binance. The man who is familiarly called CZ has even lost nearly USD 80 billion this year due to the volatile crypto market.
This condition is very reversed when compared to the last two years. The COVID-19 pandemic has actually made the rich richer and made the gap even wider.
Thanks to the stimulus provided by governments and central banks at the start of the COVID-19 pandemic, the market valuations of a range of companies are increasing, from technology companies to cryptocurrencies.
Now that the government has raised interest rates to tackle inflation, stocks of some high-end companies have plummeted, as well as the wealth of the billionaires who own them.
According to Bloomberg data, the 500 richest people in the world have lost USD 1.4 trillion during the first half of 2022, as quoted from Bloomberg, Monday (4/7/2022).
Although the amount of wealth lost is quite significant, it does not mean that the tech bosses immediately fell into poverty. Musk is still the richest person in the world with a fortune of USD 208.5 billion, while Bezos is in second place with USD 129.6 billion.
Meanwhile Bill Gates is in fourth position with a fortune of USD 114.8 billion. Zuckerberg, who has been knocked out of the top 10, is now in 17th position with USD 60 billion.