THE CHANGING FORTUNES OF THE WORLD’S RICHEST
The founder of each of the tech companies lost billions of dollars this week.
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Despite several days of declines, stock indices finished the week slightly higher. The market's troubles are far from over.
According to Forbes calculations, the fortunes of many tech company CEOs and founders fell the most since the market close on January 21.
Musk's fortune fell $22 billion after shares of his electric vehicle maker had yet another rough week. Despite posting record profits, investors focused on the company's warning that supply chain issues may hurt growth in the future.
Musk insulted President Joe Biden on Thursday, apparently in response to being snubbed at a White House forum for electric vehicle makers. According to Forbes, Musk has a net worth of $222.2 billion.
Larry Ellison's shares of his software giant sank more than 2% over the course of the week as he fell from fifth to eight richest in the world. According to Forbes calculations, Ellison's fortune dropped by $3.4 billion, to $109.2 billion, because of his stake in Oracle. Since last month, when the company confirmed it was planning to acquire medical records company Cerner for nearly $30 billion, the shares of Oracle have been on a downward trajectory.
Brian Chesky and David Baszucki are billionaires. Chesky, who co founded the home rental company in 2008, dropped $1 billion to $11.3 billion as shares of the company fell 9% this week. The net worth of Baszucki has been shaved off by $700 million since last Friday, according to Forbes.
The fourth quarter earnings season has failed to boost the stock market. The stock market is on pace for its worst month since March 2020 because of investor fears about the Federal Reserve and upcoming interest rate hikes.
Many of the hardest hit stocks in the market have been tech and growth stocks, as investors have been rotating out of riskier growth stocks. The tech-laden Nasdaq is on pace for its worst January ever, and its worst month since the financial crisis in October 2008.
Brian Armstrong's net worth dropped by $600 million as shares of his exchange fell. As shares of his music streaming platform fell, Daniel Ek's net worth was put at $2.9 billion.
Bobby Murphy and Evan Spiegel's fortunes declined by $350 million and $250 million, respectively. They are now worth $6.4 billion and $6.2 billion, after their stock fell over 5% this week.
The net worth change is from the close of markets on January 21 to the close of markets on January 28.
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