Tech billionaires see wealth shrink amid 2022 stock crunch
The fortunes of Silicon Valley billionaires took a beating in 2022 as share prices of the world's tech giants plummeted.
Here are some of the worst hit by this year's tech stock downturn. - Elon Musk - After becoming the world's richest person in 2021, the TESLA and SpaceX boss saw over half of his net worth evaporate this year, boosting France's luxury goods mogul Bernard Arnault into the top spot.
Musk lost $140 billion in 2022 due to the collapse of Tesla's share price, leaving his total net worth at $130 billion, according to Bloomberg's index of the world's richest people.
Once the darling of Wall Street investors, the future of the electric car company is now under question after Musk pushed through with a $44 billion buyout of Twitter that many observers see as an expensive distraction.
Musk largely financed his $44 billion buyout of Twitter by selling off shares in Tesla, putting the share price into an even steeper downward spiral. - Mark Zuckerberg - The Facebook founder has put all his efforts into promoting the so-called metaverse, but investors are not as confident that the world will be going completely virtual anytime soon.
The share price in Meta, Facebook's parent company, has fallen off a cliff in 2022.
Wall Street's lack of confidence has sliced $81 billion off of Zuckerberg's fortune, leaving it at $44.4 billion as of December 28.
Meta has faced stiff competition from breakout app TikTok and -- like archrival Google -- is plagued by a morose advertising market as the world economy faces a downturn amid high inflation. - Jeff Bezos - Since stepping down as CEO of Amazon in July 2021, Bezos has devoted much of his time to developing space exploration projects through his company Blue Origin.
His fortune however
Read more on tech.hindustantimes.com
