Tech CEOs lost more than $300 billion in 2022: Report

September 29, 2022 By Fakun Gram

(Image Credit Google)

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. Tech CEOs

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.

By Fakun Gram

Well, I am here to keep you up to date so together we can summarize the whole world.

Tech CEOs lost more than $300 billion in 2022: Report

Walmart's GenAI Search Engine: Challenging Google's Dominance in Retail Search

Introducing the MSI Claw Handheld: Your Ultimate Gaming Companion

Uber Increases In-App Ads, Prompting Mixed Reactions from Customers

Apple's iOS 18: A Leap into the AI Era

Google's Regular Pixel 8 Won't Get Gemini Nano AI

MacBook Air M3 Makes Amends for M2's Storage Blunder

Samsung Unveils the Galaxy M15 5G

Elon Musk's xAI to Open-Source Chatbot Grok

Contra: Operation Galuga - A Modern Run-and-Gun Classic

Musk Confirms X's TV App Arrives This Week

6 Ways to Have a Successful Reseller Hosting Plan

PayPal launches PayPal Rewards

A24 Strikes Multi-Image Deal With Canada’s Sphere Movies

Homesellers Thinking to Drop Prices as the Market Drops