The highest losses have come from the highest fortunes this year, with 10 tech billionaires facing a collective loss of $500 billion set in the backdrop of stock market tumble.
From Facebook’s Mark Zuckerberg to Alphabet’s Larry Page and Sergey Brin, here is a list of top 10 tech losers of 2022:
1. Mark Zuckerberg
After Facebook Meta Platforms Inc lost a quarter of their earnings this year, so far. Meta stocks crashed 25 percent last Thursday and 11 percent this week to a seven-year low of below $90.
This further catalysed Zuckerberg’s net worth to drop by $104 billion over the past year to $32.8 billion, according to Forbes’ calculation, making him the 29th richest person in the world.
2. Jeff Bezos
Amazon’s shares fell after Wall Street was disappointed with the company’s sales forecast for the current quarter, falling short of analysts’ expectations.
According to Bloomberg, Bezos’ “wealth tumbled by more than $58 billion this year as of Thursday’s close as a broader slump in technology stocks has weighed on Amazon.”
3. Elon Musk
Elon Musk, who is the chief executive officer of Tesla, SpaceX and Twitter saw his net worth fall below the $200 billion mark as Tesla shares hit a 52-week low on Wednesday, causing a massive drop in Musk’s assets to roughly $195.6 billion.
This further caused Musk’s net worth has now dropped by over $74 billion after the Twitter buyout, and he sold nearly $4 billion Tesla shares between November 4-8, according to regulatory disclosures with US Securities and Exchange Commission (SEC).
4. Larry Page
Google parent Alphabet Inc’s co-founder Larry Page is down $40.6 billion, after YouTube reported its first-ever drop in ad sales year-on-year.
Page’s co-founder Sergey Brin has also lost over $40 billion in paper wealth this year.
5. Sergey Brin
Google parent Alphabet Inc’s co-founder Sergey Brin is down $40.6 billion, after YouTube reported its first-ever drop in ad sales year-on-year.
Page’s co-founder Larry Page has also lost over $40 billion in paper wealth this year.
6. MacKenzie Scott
While MacKezie Scott is the only woman among the top 20 richest tech moguls, the billionaire philanthropist has lost over $29 billion from her net worth this year.
Scott, who built her fortune developing Amazon with her now ex-husband Jeff Bezos, saw a decline in her net worth due to various hefty checks she has been cutting.
She has pledged to give away—and has already donated—billions of dollars to organisations, including food banks, Girl Scouts of the USA and historically Black colleges and universities, according to the Wall Street Journal.
7. Bill Gates
Tech mogul and Microsoft founder saw a loss of $28 billion, but that leaves him about as rich as he was before the pandemic, with a net worth of $106 billion. According to Forbes, Gates donated $20 billion to his Bill and Melinda Gates Foundation in July in an effort to ramp up the mega-foundation’s giving.
8. Steve Ballmer
Steve Ballmer, who succeeded Bill Gates as Microsoft’s chief executive officer until 2014, saw his fortune plummet this year as shares of Microsoft fell 14 percent ($13.5 billion) according to Forbes.
Ballmer is the owner of basketball team the Los Angeles Clippers.
9. Pony Ma
PUBG parent Tencent founder and chief executive officer Pony Ma’s net worth plunged $2.5 billion to $24 billion, as per Bloomberg.
Ma’s decline were largely due to losses in the share price of Hong Kong-listed Tencent, which closed 11 percent lower on October 24 at 207 Hong Kong dollars, or $26.4.
10. Azim Premji
Indian business tycoon and founder of Wipro, Azim Premji, reportedly lost $20 billion in what is titled ‘the great Indian IT meltdown’.
Premji’s wealth declined by $12 billion since the beginning of 2022. In the same period, Wipro’s shares have nosedived by over a third, Business Insider India reported.
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