The world's top five tech tycoons have lost $85.07 billion in net worth in the first few weeks of 2022, as their fortunes took a massive hit from last week's market selloff.
The stock market losses sent the fortune of the world's richest man, Musk, down to $243 billion, which is $27 billion less than last November.
Jeff Bezos, the world's second-richest man, lost $25 billion since the year started.
Bill Gates' net worth decreased by $9 billion since January 1, while Larry Page's net worth decreased by $12 billion. Mark Zuckerberg's net worth has dropped by $12 billion so far this year.
All five lost money in their tech stock holdings. The benchmark tech-heavy index fell 8% last week due to a number of factors, including rising interest rates and inflation. The index is down more than 10%.
Bernard Arnault, the chairman and CEO of French luxury giant LVMH, was the only billionaire who did not lose money last week. Even so, Arnault's wealth is down $10.5 billion so far this year, with LVMH share prices down 5% year-to-date on the back of a broader market plunge.
As of January 24, the world's wealthiest people are faring better than the average.
All Rights Reserved © 2024
