- The world's richest are seeing their wealth plummet as the pandemic eases and amid fears of global recession
- Elon Musk, Jeff Bezos and Mark Zuckerberg has all lost humongous amount this year following a slow down on tech stocks
- Global tech stocks which have been the driving force of most of these billionaires have been hit serious as inflation bites harder globally
Top billionaires in the world are fast losing their vast wealth as global tech stocks nosedive.
Elon Musk, who was worth $340 billion in November last year has seen his wealth shrink to $170 billion as recession fears intensify across the world.
Fear of recession behind loss of fortunes
Amazon founder, Jeff Bezos, Tesla CEO, Elon Musk and Meta CEO, Mark Zuckerberg have lost a combined wealth of $200 billion this year, Bloomberg Billionaires Index says amid fears of economic doom.
PAY ATTENTION: Subscribe to Digital Talk newsletter to receive must-know business stories and succeed BIG!
This year, Elon Musk has lost $73.2 billion, Jeff Bezos, $65.3 billion and Mark Zuckerberg, $64.4 billion.
Tesla and SpaceX CEO, Elon Musk is the hardest hit. His wealth which is largely invested in Tesla stock, plateaued in November when he hit over $340 billion and went down to $201 billion, Bloomberg Billionaires Index says. He is now worth $197.1 billion.
Jeff Bezos is now worth $127 billion while Mark Zuckerberg is worth $61.1 billion.
Amazon, Tesla and Facebook take a hit
Business Insider reported that Global tech stocks have taken a hit after hitting new highs during the pandemic and have witnessed a sharp fall this year, market shift and inflation worries.
Amazon stock tumbled on Monday, June 10, 2022, losing 40 per cent after it got a 52-week high of $3,773,08 it got to on July 13, 2021.
The decline represents an 11 per cent drop on April 29, this year after the company posted bad first-quarter earnings that showed the company’s first loss in seven years.
In May, Meta, the parent company of Facebook saw a 40 per cent decline since November 2021.
In Two Months, Elon Musk Lost three Times the Networth of Dangote, Africa’s Richest Man
However, Legit.ng reports that despite Dangote’s wealth as Africa’s richest man, he is nowhere near, Tesla and SpaceX founder, Elon Musk who is far ahead as the world’s richest man.
Elon Musk has lost in the last two months the record amount in dollar equivalent of Aliko Dangote’s net worth three times, due to pressure on Tesla, the most valuable car company in the world.
The electric car manufacturer lost $48.4 billion since the beginning of 2022, Bloomberg's Billionaire Index says.