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400 richest people in America are poorer this year. Tech investors took the brunt of the blow.
A A year ago, America’s tech billionaires were booming, markets were at all-time highs and VCs were pouring big money into startups. What changes in a year?
Stock prices have fallen and inflation has risen, leaving the Forbes 400 members of America’s richest people a collective $500 billion poorer than last year. The richest tech tycoons took the brunt of the blow: Since the fall of 2021, they have lost a total of $315 billion in net worth—about two-thirds of the total decline in the wealth of the Forbes 400.
In total, there are 65 people on the 2022 list who made their fortunes in technology. 50 out of 50 in 2021 are poor.
The biggest losses came from the biggest asset: Amazon shares fell 27 percent, taking $50 billion from Jeff Bezos’ net worth and knocking him off the top spot on the Forbes 400 for the first time since 2018. Microsoft stock fell by 15. %, lop helped me lose $ 13.5 billion of former CEO Steve Ballmer’s fortune. No company is showing the end of the pandemic more than video conferencing company Zoom — bad news for founder Eric Yuan, which saw it drop $10.6 billion last year when employees returned to the office, down 73%.
Others have also struck in fields close to technology. The $315 billion decline in wealth, for example, does not include the $76.8 billion decline in Mark Zuckerberg’s fortune due to a decline in Facebook parent Meta’s stake. Forbes It classifies social media billionaires like Zuckerberg as part of the media and entertainment sector.
Here are the 10 tech billionaires who lost the most money this year in dollar terms. Comparisons are between September 3, 2021 and September 2, 2022.
Jeff Bezos
Net worth: 151 billion dollars
Lost wealth: $50 billion
Resource: Amazon
Bezos lost the title of America’s richest man last year, which Amazon co-founder Elon Musk scoffed at. In a short email, Musk wrote: “I’m sending a large figure ‘2’ statue to Jeffrey B. Forbes In September 2021, when he replaces Bezos, “with a silver medal. Almost a year later, Musk still has the gold — by a $100 billion margin.
Larry Page
Net worth: 93 billion dollars
Lost wealth: $30 billion
Source of wealth: Alphabet
Page and Sergey Brin, the founders of the world’s most popular internet search engine, relinquished operational control of Google and its parent Alphabet in late 2019. Shares are down 25% since last year’s listing. Acquired residency in New Zealand – net worth $30 billion.
Sergey Brin
Net worth: 89 billion dollars
Lost wealth: $29.5 billion
Source of wealth: Alphabet
In addition to Alphabet’s shares diving, Brin filed for divorce from his second wife in January after reporters were rumored to have had a brief fling with Elon Musk. She has denied the allegations, as did the Tesla founder, who shared selfies of him and his friend Brin while keeping quiet.
Bill Gates
Net worth: 106 billion dollars
Lost wealth: $28 billion
Resource: Microsoft
A bad year for Microsoft stock has hurt Gates’ wallet, but much of the fall in his fortune has been aimed at himself: He gave $20 billion to the Bill & Melinda Gates Foundation in July to boost the mega-foundation’s endowment.
Mackenzie Scott
Net worth: $37.7 billion
Lost wealth: $20.8 billion
Resource: Amazon
Like Gates, Scott chose to invest part of her fortune. Her Amazon stake is small, but her philanthropic giving is paying off big. Since June of last year, Bezos’ ex-wife has donated more than $4 billion to charities including Planned Parenthood and the Boys & Girls Clubs of America.
Larry Ellison
Net worth: 101 billion dollars
Lost wealth: $16.3 billion
Resource: Microsoft
Its database giant Oracle is down 17 percent from its 2021 listing, struggling with the rest of the market. The company reportedly began laying off hundreds of employees last month, mostly through announcements, to focus on its healthcare IT and cloud businesses.
Pierre Omidyar
Net worth: $9.9 billion
Lost wealth: $15.4 billion
Source of wealth: eBay, PayPal
Shares of PayPal, which was acquired by eBay and spun off in 2015, plunged after the eBay founder’s net worth fell 69% from the previous year. Forbes Omidyar, one of the 25 most philanthropic billionaires, is estimated to own about 5% of the payments giant.
Steve Ballmer
Net worth: 83 billion dollars
Lost wealth: $13.5 billion
Resource: Microsoft
The animated former Microsoft CEO and owner of the LA Clippers has seen his fortunes plummet this year as Microsoft shares tumbled 14 percent.
Eric Yuan and family
Net worth: $3.9 billion
Lost wealth: $10.6 billion
Source of wealth: Zoom
Employees go back to the office, and video conferencing company Zoom is struggling. Its latest quarterly earnings missed analysts’ estimates and the company cut its revenue guidance for 2023. The stock is down 73 percent over the past year.
Jack Dorsey
Net worth: $4.5 billion
Lost wealth: $10.4 billion
Resource: Twitter, Block
Dorsey owns shares in social media giant Twitter, which he founded, but owes most of its wealth to its parent Block, the payment processor Square. The share of both decreased by 40 percent and 76 percent
See the full 2022 FORBES 400 list
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