The fate of the richest people in the world has changed
The founders of Tesla, Oracle and Airbnb have lost billions of dollars this week amid market volatility and continued pressure on technology stocks.
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Despite a few days of decline, the stock index ended the week slightly higher, offsetting some of the biggest losses this month. But market problems are far from over.
The CEOs and founders of many tech companies were surprisingly among the billionaires whose fortunes fell the most since the market closed on Friday, January 21st. Forbes‘Count.
Leading the fall for the second week in a row: Tesla chief executive Elon Musk, whose fortune fell 22 22 billion while shares of his electric vehicle maker had another rough week, fell more than 10%. Although Tesla posted record profits after reporting quarterly earnings on Wednesday, investors focused on the company’s warnings that supply chain problems could hit growth in 2022.
Musk took to Twitter on Thursday to insult President Joe Biden, apparently in response to a rebuke at the White House forum for electric vehicle manufacturers. Still the richest man in the world, Musk now has assets of 2 222.2 billion, according to Forbes‘Guess.
Oracle co-founder Larry Ellison, meanwhile, dropped from fifth to eighth in the world in a matter of weeks as shares of his software giant sank more than 2%. According to Ellison, who owns about 35% of Oracle (and has pledged millions of shares of his debt), his fortune has fallen by 3.4 billion to $ 109.2 billion. Forbes‘Count. Shares of Oracle have been on a downward trajectory since last month, when the company confirmed that it plans to acquire the medical records company Sarner for about $ 30 billion.
Other notable billionaires whose total value has fallen this week include Airbnb CEO Brian Chesky and Roblex co-founder David Baszuki. Chesky, who co-founded the home rental company in 2008, saw its shares in Airbnb fall 9% this week to $ 1.1 billion to $ 11.3 billion. Meanwhile, shares of gaming company Roblox have fallen nearly 16% since last Friday, saving about $ 700 million from Baszucki’s total value, which now stands at $ 3.9 billion. Forbes Guess.
The fourth-quarter earnings season has so far failed to raise equity as some big-name companies have posted relentless results. Combined with the Federal Reserve’s tightening monetary policy and investors’ fears about impending interest rate hikes, the stock market is now in the throes of the worst month since March 2020.
As yields on government bonds have risen, investors have turned to risky growth and technical stocks, many of which have been hit hardest by the massive sell-off in the market. The technology-heavy Nasdaq Composite, which has been in the correction zone since the fall of about 15% since the beginning of 2022, has had its worst January এবং and the worst month overall since the October 2008 financial crisis.
Other billionaires whose fortunes have shrunk this week: Coinbase CEO Brian Armstrong’s total assets fell nearly $ 600 million to $ 7.3 billion as his cryptocurrency exchange shares fell 7.5%. Spotify co-founder Daniel One has similarly lost nearly $ 400 million – its net worth has reached $ 2.9 billion – as shares of its music streaming platform have fallen nearly 12% since last Friday.
The fortunes of Snap co-founders Bobby Murphy and Evan Spiegel have dropped to $ 350 million and $ 250 million, respectively. Snap’s stock is now worth $ 6.4 billion and 6.2 billion, after falling more than 5% this week.
Here are some of the richest people in the world this week.
The change in net price is শুক্রবার from Friday, January 21 to Friday, January 28 from market closure
