The richest 20 billionaires have lost theirs technological field About half a trillion dollars since the beginning of this year amid the sharp crash in the stock market. The market value of the shares of all companies in the “S&P 500” index decreased this year, with the exception of seven companies. This according to the Wall Street Journal.
The world’s richest tech moguls, including Mark Zuckerberg, Bill Gates, and Larry Ellison, have suffered a loss of over $ 480 billion since Accounting value According to the Bloomberg Billionaires Index, a daily ranking of the richest people in the world.
The richest tech moguls, including Mark Zuckerberg, Bill Gates, and Larry Ellison, have seen their fortunes lose more than $ 480 billion.
According to the “Wall Street Journal,” the disappointing earnings reports announced this week by many of America’s leading tech companies raised fears of a recession and pushed stock prices down in the New York Wall Street market.
According to the rating, Zuckerberg’s net worth fell $ 11.2 billion in one day, which was last Thursday.
Shares in his company, parent company “Meta Platform Inc”, lost a quarter of their value after a disappointing earnings report that scared investors. The company’s revenues also slowed for the second consecutive quarter.
Meta CEO’s fortune also dropped by over $ 87 billion. Thus, the book value of his fortune reached $ 37.7 billion, but he still ranks 28th on the list of the 100 richest people in the world, according to the Bloomberg Rich List.
It appears that American technology companies, which enjoyed strong growth during the Corona pandemic, are now witnessing a period of significant decline in financial markets due to the repercussions of high inflation, high interest rates and a slowdown in financial markets. growth of digital advertising. Many companies are now working to reduce operational and headcount costs.
According to the “Wall Street Journal” report, the Nasdaq Composite Index, which measures the performance of technology companies in the US market, is down 29% this year until the close on Friday.
The fortunes of many CEOs and founders of tech companies have also declined. Simply because their net worth is partly related to the value of their company’s stock.
This means that large fluctuations in their companies’ stock prices could have profound effects on their wealth metrics this year.
