Due to high inflation, the difficulties of the recession, and sharp drops in the stock market, the economy has had a challenging year.
Major corporations have been impacted by some of the biggest shocks, such as the 58% decline in Meta’s stock price.
According to Google Finance, the prices of Amazon and Google stock have dropped by around 30% year to date in 2022. However, many billionaires in the sector have also seen losses in their wealth due to the declining value of IT stocks.
According to Forbe’s annual list of 400 wealthiest Americans, Vox first reported that tech billionaires had lost $315 billion in total since 2021.
Vox countered that despite the economic uncertainty that tech companies are currently facing, tech CEOs are doing well. Even after the pandemic, most of these billionaires still have more wealth.
The founder of Amazon, Jeff Bezos, will have a net worth of approximately $151 billion in 2022 after suffering a $50 billion loss, claims Forbes. He still has $32 billion more in his bank account than in 2019, when he only had $115 billion.
While Google founder Sergey Brin is still $35.5 billion wealthier than in 2019, Microsoft founder Bill Gates lost $28 billion but still has a net worth of $106 billion, making him more prosperous than before the pandemic.
According to Forbes’ criteria, Elon Musk, the CEO of Tesla and SpaceX, is categorized under “automotive,” whereas Mark Zuckerberg, the developer of Meta, is categorized under “media & entertainment.”
Despite persistent market difficulties, 56 of the 65 tech billionaires on the Forbes 400 are wealthier today than in 2019.
After losing about $77 billion in 2021 and having a net worth of $57.7 billion, a 17 percent drop from $69.6 billion in 2019, Zuckerberg nevertheless stands out among the epidemic gains.
Dustin Moskovitz, the co-founder of Facebook, saw a similar decline in fortune, from $11.6 billion in 2019 to $8.1 billion in 2022.
Eric Yuan, the creator of Zoom, has also suffered financial losses due to fewer virtual meetings and more workers returning to the office.
Most tech billionaires have seen an increase in wealth during the last three years. The best example is Elon Musk, whose net worth dramatically increased by 242 percent by the end of 2020 compared to the previous year, even though COVID-19 lockdowns were still in effect.