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The world’s 5 richest tech tycoons — including Elon Musk, Jeff Bezos, and Bill Gates — have already lost about $85 billion this year amid a brutal market selloff

The world’s richest tech tycoons suffered heavy losses final week amid a market selloff.Susan Walsh/AP; Joshua Roberts/Reuters; Axel Schmidt/Getty Images

  • Stock markets tumbled final week on fears about rising rates of interest and inflation.

  • The tech-heavy Nasdaq index fell 8% week-on-week, and is 13% decrease year-to-date.

  • The world’s 5 richest tech tycoons have collectively lost about $85 billion in year-to-date in 2022.

The world’s 5 richest tech tycoons collectively lost $85.07 billion of their wealth within the first few weeks of 2022 as their fortunes took a massive hit from final week’s (*5*).

The losses despatched the fortune of the world’s richest particular person, Elon Musk, right down to $243 billion — some $27 billion decrease than initially of the year, in accordance with the Bloomberg Billionaires Index. It’s additionally almost $100 billion decrease than November 2021, when Musk’s net worth peaked at $335 billion.

The world’s second-richest particular person, Amazon founder Jeff Bezos, has lost about $25 billion in 2022.

Microsoft co-founder Bill Gates noticed a $9.5 billion drop in his internet value since January 1, whereas Google co-founder Larry Page’s internet value decreased by $12 billion. Rounding out the losses is Facebook’s Mark Zuckerberg, whose internet value additionally dropped by about $12 billion thus far this year.

All 5 noticed losses of their tech inventory holdings. Last week, the benchmark tech-heavy Nasdaq Composite fell about 8% on the again of a number of components including rising rates of interest and inflation. The Nasdaq is down about 13% year-to-date.

According to Bloomberg, the one billionaire within the prime 5 who didn’t lose any cash final week was Bernard Arnault, the chairman and CEO of French luxurious large LVMH. Even so, Arnault’s wealth is down $10.5 billion thus far this year, with LVMH share costs down 5% year-to-date on the again of a broader market rout.

Here’s how the world’s six wealthiest individuals are faring on the Bloomberg Billionaires Index as of January 24:

Rank

Name

Total internet value

Year-to-date change

1

Elon Musk

$243 billion

-$26.9 billion

2

Jeff Bezos

$168 billion

-$24.7 billion

3

Bernard Arnault

$167 billion

-$10.5 billion

4

Bill Gates

$129 billion

-$9.47 billion

5

Larry Page

$117 billion

-$11.9 billion

6

Mark Zuckerberg

$113 billion

-$12.1 billion

Read the unique article on Business Insider

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